Page 1



0(5.(=%$1.$/$5,1'$ød.21752/9(5ø6.g/dh0h 8<*8/$0$/$5,1,17&0%.$0%ø<208+$6(%(6øøù/(0/(5ø $d,6,1'$1'(ö(5/(1'ø5ø/0(6ø 

      %HOL].25.87        8]PDQOÕN<HWHUOLOLN7H]L        7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ 0XKDVHEH*HQHO0GUO÷ $QNDUDùXEDW




0(5.(=%$1.$/$5,1'$ød.21752/9(5ø6.g/dh0h 8<*8/$0$/$5,1,17&0%.$0%ø<208+$6(%(6øøù/(0/(5ø $d,6,1'$1'(ö(5/(1'ø5ø/0(6ø 

      %HOL].25.87    'DQÕúPDQ 'Ro'U&DQùÕPJD08ö$1    8]PDQOÕN<HWHUOLOLN7H]L       7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ 0XKDVHEH*HQHO0GUO÷ $QNDUDùXEDW


g16g=

.XUXPODUร•Q JHOLรบWLUPHOHUL

KHGHIOHULQL

\HQL

JHUoHNOHรบWLUPHOHUL

WHNQRORMLN

JHUoHNOHรบWLUHFHNOHUL

JHOLรบPHOHUL

IDDOL\HWOHUGH

RUWD\D

RSHUDV\RQHO

X\JXODPD\D

oร•NDELOHFHN

VยUHoOHULQL

NR\PDODUร•

ULVNOHUL

YH

PLQLPL]H

HGHELOPHOHUL DQFDN HWNLQ ELU ULVN \|QHWLPL YH Lo NRQWURO VLVWHPLQLQ YDUOร•รทร•\OD PยPNยQGยU

g]HOOLNOH

JยYHQH

GD\DOร•

LรบOHY

\DSDQ

EDQNDFร•Oร•N

VHNW|Uย

Doร•Vร•QGDQGHรทHUOHQGLULOGLรทLQGHEXLNLNDYUDPร•Q|QHPLGDKDGDDUWPDNWDGร•U

%XoDOร•รบPDGD7ยUNL\H&XPKXUL\HW0HUNH]%DQNDVร•0XKDVHEH*HQHO 0ยGยUOยรทย

EยQ\HVLQGH

\HU

DODQ

YH

oDOร•รบWร•รทร•P

ELULP

RODQ

.DPEL\R

0XKDVHEHVL 0ยGยUOยรทยยถQยQ LรบOHPOHUL GRNX] D\Uร• IDDOL\HW EDรบOร•รทร• DOWร•QGD Lo NRQWURO X\JXODPDODUร• YH ULVN |OoยPย Doร•Vร•QGDQ GHรทHUOHQGLULOPLรบWLU <DSร•ODQ GHรทHUOHQGLUPH LOH KHP V|] NRQXVX PยGยUOยNWH oDOร•รบDQODUร•Q NHQGL J|UHY DODQODUร•

LoHULVLQGHNL

LรบOHPOHUGH

ROXรบDELOHFHN

DNVDNOร•NODUร•

GDKD

QHW

J|UHELOPHOHUL KHP GH VLVWHPLQ \HWHUOLOLรทL YH HWNLQOLรทL KDNNร•QGD |QHULOHUGH EXOXQDELOPHOHUL VDรทODQDUDN LOHULGH EX NRQXGD \DSร•ODFDN oDOร•รบPDODUD \DUGร•PFร• ROXQPDVร•DPDoODQPร•รบWร•U %X oDOร•รบPDQร•Q KD]ร•UODQPDVร•QD KHU DรบDPDGD NDWNร•GD EXOXQDQ YH GHVWHNOH\HQ EDรบWD GDQร•รบPDQร•P 'Ro 'U &DQ รนร•PJD 0XรทDQ ROPDN ย]HUH 0XKDVHEH

*HQHO

0ยGยU

<DUGร•PFร•Vร•

1D]DQ

6HUWEXGDNยถD

.DPEL\R

0XKDVHEHVL0ยGยUย'HU\D<ยFHOยถHYH WH]LPGH\HUDODQ NDPEL\RPXKDVHEHVL LรบOHPOHULQLQ GHรทHUOHQGLULOPHVLQGH EDQD \DUGร•PFร• RODQ .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยoDOร•รบPDDUNDGDรบODUร•PDWHรบHNNยUยELUERUoELOLULP

L 


ødø1'(.ø/(5 6D\ID1R  g16g=«««««««««««««««««««««««««««« L ødø1'(.ø/(5««««««««««««««««««««««««« LL ù(.ø//ø67(6ø««««««««««««««««««««««««« Y 7$%/2/ø67(6ø«««««««««««««««««««««««««YL .,6$/70$/ø67(6ø««««««««««««««««««««««« YLL g=(7««««««««««««««««««««««««««««« YLLL $%675$&7««««««««««««««««««««««««««L[ 

*ø5øù«««««««««««««««««««««««««««««  %ø5ø1&ø%g/h0 ød.21752/«««««««««««««««««««««««««« øo.RQWUROQ*HOLúLPL«««««««««««««««««««««  7DQÕPÕ«««««««««««««««««««««««««««  7HPHOg]HOOLNOHUL««««««««««««««««««««««  ø.ø1&ø%g/h0 ød.21752/6ø67(0/(5ø«««««««««««««««««««« øo.RQWURO6LVWHPOHULQLQ$PDFÕ«««««««««««««««««  øo.RQWURO6LVWHPOHULQLQ.XUXOPDVÕQGD'LNNDWH$OÕQPDVÕ*HUHNHQ )DNW|UOHU««««««««««««««««««««««««««  øo.RQWURO6LVWHPLQLQ7HPHOg÷HOHUL ««««««««««««««  øo.RQWURO6LVWHPLQGH*|UHYYH6RUXPOXOXNODU««««««««««  hdh1&h%g/h0 ød.21752/67$1'$57/$5,  .RQWURO<DSÕVÕ««««««««««««««««««««««««

LL 


5LVN'H÷HUOHPHVL««««««««««««««««««««« .RQWURO)DDOL\HWOHUL«««««««««««««««««««««« %LOJLYH+DEHUOHúPH«««««««««««««««««««««  ø]OHPH«««««««««««««««««««««««««««  øo.RQWURO6LVWHPLQLQ'H÷HUOHQGLULOPHVL«««««««««««««  øo.RQWURO6LVWHPLQLQøQFHOHQPHVLYH'H÷HUOHQGLULOPHVLQGH 8\JXODQDQ<DNODúÕPODU«««««««««««««««««  øo.RQWURO6LVWHPLQL'H÷HUOHQGLUPH$úDPDODUÕ««««««« øo.RQWURO6LVWHPOHULQGHNL7HPHO(NVLNOLNOHUYH*LGHULOPHVLøoLQ 8\JXODQPDVÕ*HUHNHQ3URVHGUOHU«««««««««««««««  'g5'h1&h%g/h0 ød.21752/6ø67(0/(5ø1'(5ø6.g/dh0h«««««««««« 5LVNLQ7DQÕPÕ««««««««««««««««««««««««  5LVN<|QHWLPL6UHFLQLQøQFHOHQPHVL««««««««««««««  5LVN'H÷HUOHPHVL««««««««««««««««««««««  5LVNdHúLWOHUL««««««««««««««««««««««««  5LVNgOoP0HWRGRORMLVL$oÕVÕQGDQ5LVNOHULQ6ÕQÕIODQGÕUÕOPDVÕ  2SHUDV\RQHO5LVN«««««««««««««««« øQVDQ.D\QDNODUÕ5LVNL«««««««««««««« dHYUH5LVNL««««««««««««««««««« %LOJL7HNQRORMLVL5LVNL««««««««««««««  .DUDU9HUPH$úDPDVÕQGD%LOJL5LVNL«««««««



)LQDQVDO5LVN««««««««««««««««««  %(ùø1&ø%g/h0 0(5.(=%$1.$/$5,1'$ød.21752/9(5ø6.'(ö(5/(0(6ø«« 0HUNH]%DQNDODUÕQGD(WNLOLøo.RQWURO6LVWHPLQLQg÷HOHUL ««««« 0HUNH]%DQNDODUÕøoLQgQHPOLøúOHP.RQWUROOHUL««««««««««  $OPDQ0HUNH]%DQNDVÕ¶QGDNL 'HXWVFKH%XQGHVEDQN 8\JXODPDODU   $OPDQ0HUNH]%DQNDVÕ¶QGDNLøo.RQWURO6LVWHPLQLQ*HQHO <DSÕVÕ«««««««««««««««««««««««« $OPDQ0HUNH]%DQNDVÕ¶QGD5LVNgOoP8\JXODPDODUÕ«««

LLL 

 


$/7,1&,%g/h0 7h5.ø<(&80+85ø<(70(5.(=%$1.$6,¶1'$ød.21752/9(5ø6. g/dh0h««««««««««««««««««««««««««««  .DPEL\R0XKDVHEHVL8\JXODPDODUÕQGDøo.RQWURO6LVWHPLQLQ 'H÷HUOHQGLULOPHVL««««««««««««««««««««««« $OWÕQøúOHPOHUL«««««««««««««««««««««



$UELWUDMøúOHPOHUL««««««««««««««««««««



7/.DUúÕOÕ÷Õ'|YL]$OÕúODUÕYH6DWÕúODUÕ««««««««««



'HSRøúOHPOHUL««««««««««««««««««««



*LGHQ'|YL]+DYDOHOHUL«««««««««««««««««  (NVWUHYH+HVDS$oÕNODUÕQÕQ7DNLEL«««««««««««



*HOHQ+DYDOHøúOHPOHUL««««««««««««««««



0HQNXO.Õ\PHWøúOHPOHUL«««««««««««««««««  6WDQGE\$QODúPDVÕ*HUH÷LQFH,0)¶GHQ<DSÕODQdHNLúOHU«



.DPEL\R0XKDVHEHVL8\JXODPDODUÕQGD5LVNgOoP«««««««  <('ø1&ø%g/h0 6218d9('(ö(5/(1'ø50(«««««««««««««««««« .$<1$.d$«««««««««««««««««««««««««« (./(5««««««««««««««««««««««««««««

LY 


ù(.ø//ø67(6ø

6D\ID1R ùHNLO

øo.RQWURO6LVWHPOHUL««««««««««««««««« 

ùHNLO

øo.RQWURO6WDQGDUWODUÕ««««««««««««««««



ùHNLO

øo.RQWUROYH5LVN<|QHWLPLQLQ7HPHO8QVXUODUÕ«««««



ùHNLO

5LVN<|QHWLPL6UHFL««««««««««««««««« 

ùHNLO

5LVNOHULQgQFHOL÷LQL%HOLUOHPH««««««««««««« 

ùHNLO

dDOÕúDQODUÕQ+DWDVÕYH0DQLSXODV\RQD.DUúÕ





0XKDVHEHYH)LQDQVDO.D\ÕWODUÕQ.RUXQPDVÕQD





<|QHOLN'HXWVFKH%XQGHVEDQNøo.RQWURO6LVWHPL«««« 

ùHNLO

.DPEL\R0XKDVHEHVL0GUO÷YHøúOHP<UWW÷

*HQHO0GUONOHU ùHNLO

.00*HQHOøú$NÕúùHPDVÕ«««««««««««««« 

ùHNLO

$OWÕQøúOHPOHUL$OWÕQ'HSRVXøú$NÕúùHPDVÕ««««««« 

ùHNLO

$UELWUDMøúOHPOHULøú$NÕúùHPDVÕ«««««««««««« 

ùHNLO

7/.DUúÕOÕ÷Õ'|YL]$OÕúODUÕøú$NÕúùHPDVÕ««««««««

ùHNLO

7/.DUúÕOÕ÷Õ'|YL]6DWÕúODUÕøú$NÕúùHPDVÕ««««««« 

ùHNLO

<XUWøoL$OÕQDQ 9HULOHQ 'HSRODUøú$NÕúùHPDVÕ 

ùHNLO

$ERQPDQYH<D\ÕQ%HGHOOHULøú$NÕúùHPDVÕ«««««««

ùHNLO

+HVDSYH(NVWUH$oÕNODUÕQÕQ7DNLELøú$NÕú



ùHPDVÕ«««««««««««««««««««««««



ùHNLO

*HOHQ+DYDOHøúOHPOHULøú$NÕúùHPDVÕ«««««««««

ùHNLO

0HQNXO.Õ\PHWøúOHPOHULøú$NÕúùHPDVÕ«««««««««

ùHNLO

+D]LQH¶QLQ,0)µGHQ'R÷UXGDQ%RUoODQPDVÕQD





'|YL] øOLúNLQøú$NÕúùHPDVÕ«««««««««««««







Y 




7$%/2/ø67(6ø

6D\ID1R 7DEOR

$OPDQ0HUNH]%DQNDVÕ'|YL]øúOHPOHULYH<DWÕUÕP



)DDOL\HWOHULQHøOLúNLQ5LVN3XDQODPD0RGHOL«««««««



7DEOR

øo.RQWURO<HWHUOLOLN'H÷HUOHPHVL«««««««««««« 

7DEOR

.DPEL\R0XKDVHEHVLøúOHPOHULQLQ)DDOL\HW%D]ÕQGD



5LVN'D÷ÕOÕPÕ«««««««««««««««««««« 



7DEOR

.DPEL\R0XKDVHEHVLøúOHPOHULQLQ*HQHO5LVN$÷ÕUOÕN



<]GHOHUL«««««««««««««««««««««« 



7DEOR

.00øúOHPOHUL5LVN3XDQ$UDOÕNODUÕQÕQ%HOLUOHQPHVL««««

7DEOR

.00øúOHPOHUL5LVN3XDQODPDVÕ««««««««««««

7DEOR

.00øúOHPOHUL5LVN'H÷HUOHPH0DWULVL«««««««««

7DEOR

.00øúOHPOHULQLQ5LVN6ÕUDODPDVÕ





YL 


.,6$/70$/ø67(6ø

%''.



%DQNDFÕOÕN']HQOHPHYH'HQHWOHPH.XUXPX

%+ø





%LODQoRYH+HVDSODUÕø]OHPH0GUO÷

%,6





%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV

%609



%DQND6LJRUWD0XDPHOH9HUJLVL

&262



&RPPLWWHHRI6SRQVRULQJ2UJDQL]DWLRQVRIWKH7UHDGZD\

&RPPLVVLRQ '($63



'|YL](IHNWLI$OÕú6DWÕú3LNU

'03





'DKLOL0DKVXS3LNU

(&%





(XURSHDQ&HQWUDO%DQN

('3





(OHFWURQLF'DWD3URFHVVLQJ

(6&%



(XURSHDQ6\VWHPRI&HQWUDO%DQNV

,,$





,QVWLWXWHRI,QWHUQDO$XGLWRUV

,0)





,QWHUQDWLRQDO0RQHWDU\)XQG

.0'7+



.UHGL0HNWXSOX'|YL]7HYGLDW+HVDEÕ

.00 



.DPEL\R0XKDVHEHVL0GUO÷

6$26



ùXEHOHU$UDVÕ2WRPDV\RQ6LVWHPL

6'+



6SHU'|YL]+HVDEÕ



6RFLHW\IRU:RUOGZLGH,QWHUEDQN)LQDQFLDO



6:,)7



7HOHFRPPXQLFDWLRQ

7&0%

7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ



YLL 


g=(7

0DOL

SL\DVDODUGDNL

HQVWUยPDQODUร•Q

JยQ

JHoWLNoH

DUWPDVร•

WHNQRORMLQLQ

JHOLรบPHVL\OH ELUOLNWH \HQL ULVNOHULQ RUWD\D oร•NPDVร• YH NXUXPODUร•Q  IDDOL\HW VD\ร• YH NDUPDรบร•NOร•รทร•Qร•QDUWPDVร•QHGHQL\OH\|QHWLPOHULQIDDOL\HWOHULGRรทUXGDQGRรทUX\DNRQWURO HWPH LPNDQร•Qร•Q D]DOPDVร• Lo NRQWURO YH ULVN GHรทHUOHPHVL NDYUDPODUร•Qร•Q |QHPLQL JยQGHPH JHWLUPLรบWLU รธo NRQWURO VLVWHPOHUL NXUXPODUร•Q RSHUDV\RQODUร• YH SURJUDPODUร• LoLQ

EHOLUOHQPLรบ

KHGHIOHULQ

YH

DPDoODUร•Q

JHUoHNOHรบWLULOPHVLQL

X\JXODPDODUร•Q

NDQXQODUD YH Gย]HQOHPHOHUH X\JXQOXรทXQX YH ELOJLQLQ JยYHQLOLUOLรทL YH GRรทUXOXรทXQX WHPLQ HWPH\L DPDoODPDNWDGร•U %X EDรทODPGD Lo NRQWURO ULVN \|QHWLPLQLQ VDรทOร•NOร• RODUDNX\JXODQDELOPHVLQGH|QHPOLELU\HUHVDKLSWLU

%X oDOร•รบPDGD 7ยUNL\H &XPKXUL\HW 0HUNH] %DQNDVร• 0XKDVHEH *HQHO 0ยGยUOยรทย .DPEL\R 0XKDVHEHVL 0ยGยUOยรทย EยQ\HVLQGH \HU DODQ IDDOL\HWOHU Lo NRQWURO YH ULVN |OoยPย Doร•Vร•QGDQ  GHรทHUOHQGLULOPLรบWLU 'HรทHUOHQGLUPH VRQXFXQGD .DPEL\R

0XKDVHEHVL

0ยGยUOยรทยยถQGH

.00 

LQFHOHQHQ

LรบOHPOHU

DUDVร•QGD

7/

NDUรบร•Oร•รทร•G|YL]DOร•รบYHVDWร•รบร•DOWร•QPHQNXONร•\PHWYH,0)LรบOHPOHULQLQULVNVร•UDODPDVร• Doร•Vร•QGDQ |QFHOLN WDรบร•Gร•รทร• WHVSLW HGLOPLรบWLU .DPEL\R PXKDVHEHVL LรบOHPOHULQLQ JHQHO ULVN Dรทร•UOร•N \ย]GHOHULQH J|UH GDรทร•Oร•Pร•QGD LVH LQVDQ ND\QDNODUร• ULVNL RSHUDV\RQHOULVN YH ILQDQVDO ULVNLQ ELULQFLO GHUHFHGH |QHPOL ULVNOHU ROGXรทX VRQXFXQD YDUร•OPร•รบWร•U 'ROD\ร•Vร•\OD

ULVNOHULQ

PLQLPL]H

HGLOPHVL

YH

LรบOHPOHULQ

GDKD

HWNLQ

\ยUยWยOPHVL

Doร•Vร•QGDQ WDP RWRPDV\RQD JHoLOPHVL JHUHNOLOLรทL RUWD\D oร•NPDNWDGร•U %X EDรทODPGD 0XKDVHEH *HQHO 0ยGยUOยรทยยถQFH ยณ0XKDVHEH 7DP 2WRPDV\RQ 6LVWHPLยณ DGร• YHULOHQ ELU SURMH \ยUยWยOPHNWHGLU 6|] NRQXVX SURMH LOH LรบOHPOHULQ LQVDQ KDWDVร•Qร• HQ D]D LQGLUJH\HFHNรบHNLOGHRWRPDWLNRODUDNYHND\QDรทร•QGDPXKDVHEHOHรบWLULOPHVLLรบOHPOHULQ SDUDOHO

X\JXODPD

GRรทUXOWXVXQGD

WHN

PHUNH]GHQ

\ยUยWยOPHVL

YH

.00ยถQLQ

PXKDVHEHOHรบHQND\ร•WODUร•QNRQWUROยQย\DSPDVร•DPDoODQPDNWDGร•U

$QDKWDUNHOLPHOHULoNRQWUROULVN|OoยPยNDPEL\RPXKDVHEHVLLรบOHPOHUL WDPRWRPDV\RQ

YLLL 


$%675$&7

,QWHUQDO FRQWURO DQG ULVN DVVHVVPHQW FRQFHSWV EHFRPH LPSRUWDQW ZLWK WKH LQFUHDVH LQ WKH YDULHW\ RI LQVWUXPHQWV LQ ILQDQFLDO PDUNHWV QHZ ULVNV WKDW FRPH RXW ZLWKWHFKQRORJLFDOGHYHORSPHQWVDQGWKHGLIILFXOW\RIGLUHFWPDQDJHPHQWFRQWURORYHU DFWLYLWLHV EHFDXVH RI LQVWLWXWLRQV¶ LQFUHDVLQJ DFWLYLWLHV DQG WKHLU FRPSOH[LW\ ,QWHUQDO FRQWURO V\VWHPV DLP DW SURYLGLQJ WKH DFKLHYHPHQW RI REMHFWLYHV DQG JRDOV IRU LQVWLWXWLRQV¶ RSHUDWLRQV DQG SURJUDPV WKH FRPSOLDQFH ZLWK DSSOLFDEOH ODZV DQG UHJXODWLRQV DQG WKH UHOLDELOLW\ DQG LQWHJULW\ RI LQIRUPDWLRQ ,Q WKLV UHVSHFW LQWHUQDO FRQWUROKDVDQLPSRUWDQWUROHLQVRXQGULVNPDQDJHPHQW  ,Q WKLV VWXG\ WKH RSHUDWLRQV KHOG DW WKH &HQWUDO %DQN RI WKH 5HSXEOLF RI 7XUNH\

$FFRXQWLQJ

'HSDUWPHQW

)RUHLJQ

([FKDQJH

$FFRXQWLQJ

'LYLVLRQ

DUH

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³$FFRXQWLQJ )XOO $XWRPDWLRQ 6\VWHP³ LV LQ SURFHVV FDUULHG RXW E\ $FFRXQWLQJ'HSDUWPHQW:LWKWKLVSURMHFWLWLVDLPHGDWPLQLPL]LQJWKHKXPDQHUURU WKURXJK FDUU\LQJ RXW WKH DFFRXQWLQJ RSHUDWLRQV DW LWV VRXUFH WR UXQ WKH SURFHVVHV VLPXOWDQHRXVO\ ZLWKLQ WKH VDPH FHQWHU DQG WR FRQWURO WKH UHFRUGV E\ )RUHLJQ ([FKDQJH$FFRXQWLQJ'LYLVLRQ  .H\ZRUGVLQWHUQDOFRQWUROULVNDVVHVVPHQWIRUHLJQH[FKDQJHDFFRXQWLQJ RSHUDWLRQVIXOODXWRPDWLRQ

L[ 


*ø5øù

6RQ G|QHPOHUGH EDQND YH úLUNHW LIODVODUÕ GD GDKLO ROPDN ]HUH ILQDQVDO

SL\DVDODUGDNL

GH÷LúLPOHU

IL\DW

YH

QDNLW

DNÕúODUÕQGDNL

\NVHN

VHYL\HOHUGHNL GDOJDODQPDODU SL\DVDGDNL NXUXOXúODUÕQ ULVNOHULQL DUWÕUPÕúWÕU %X GXUXP

HNRQRPLGH

YH

SL\DVDODUGD

LVWLNUDUÕ

VD÷ODPD

YH

JoOHQGLUPH

DUD\ÕúODUÕ\OD ELUOLNWH NXUXPVDO \|QHWLP úHIIDIOÕN YH VRUXPOXOXN NDYUDPODUÕQÕ JQGHPHJHWLUPLúWLU

g]HOOLNOH SROLWLND ROXúWXUDQODU YH \|QHWLFLOHU DoÕVÕQGDQ NXUXPODUÕQ PLV\RQODUÕQÕ GDKD HWNLQ ELoLPGH \HULQH JHWLUPHOHUL YH GDKD EDúDUÕOÕ VRQXoODU HOGH HWPHOHUL LoLQ KHVDS YHULOHELOLUOLN NDYUDPÕ |QHP ND]DQPÕúWÕU )LQDQVDO VHNW|UQ LVWLNUDUÕQGDQ VRUXPOX RODQ ³PHUNH] EDQNDODUÕ´ EX WU JLULúLPOHUL EDúODWPDGD |QF ROPDOÕGÕUODU 7RSOXPVDO J|UHY ELOLQFL ³PHUNH] EDQNDODUÕQÕ´ GR÷UX \ROD \|QOHQGLUVH GH \NVHN VWDQGDUWODUGD NXUXPVDO \|QHWLPL EDúDUPD GDKD ID]ODVÕQÕ JHUHNWLULU %X GD NRQWURO YH GHQHWLP VLVWHPL RODUDN ELOLQHQ GDYUDQÕú YH

ULVNOHULQ NRQWUROQGH

YH

NXUXPODUÕQ KHGHIOHULQH XODúPDVÕQÕ

\|QOHQGLUPHGH\|QHWLPH\DUGÕPFÕRODQELUPHNDQL]PDGÕU

*HQHO DQODPGD NRQWURO VLVWHPOHUL NXUXOXúODUÕQ KHGHIOHULQL HWNLOL YH YHULPOL úHNLOGH EDúDUPDODUÕQÕ VD÷ODU %XQX GD NDUúÕODúÕODQ ULVNOHUL EHOLUOHPHGH \|QHWLPH

\DUGÕPFÕ

RODUDN

YH

ULVNOHUL PDNXO

VHYL\HOHUGH WXWDELOPHN LoLQ

GDYUDQÕúODUÕQ NRQWUROQH \|QHOLN ELU oHUoHYH VD÷OD\DUDN JHUoHNOHúWLULUOHU %X ED÷ODPGD

NRQWURO

YH

GHQHWLP

ULVN

\|QHWLPLQLQ

VD÷OÕNOÕ

RODUDN

X\JXODQDELOPHVLQGH|QHPOLELU\HUHVDKLSWLU %X oDOÕúPDGD GQ\DGD YH ONHPL]GH JLGHUHN DUWDQ ELU |QHPH VDKLS RODQ ³Lo NRQWURO YH ULVN |OoP´ NRQXVX |]HOOLNOH EDQNDFÕOÕN NHVLPL DoÕVÕQGDQ HOH DOÕQDFDN JHOLúPLú PHUNH] EDQNDODUÕQÕQ Lo NRQWURO YH ULVN |OoPQH LOLúNLQ

 


X\JXODPDODUร•QGDQ

|UQHNOHU

YHULOHFHNWLU

6|]

NRQXVX

oDOร•รบPDGD

7ยUNL\H

&XPKXUL\HW 0HUNH] %DQNDVร• 0XKDVHEH *HQHO 0ยGยUOยรทย EยQ\HVLQGH \HU DODQ YH 0HUNH] %DQNDVร• ELODQoRVXQXQ |QHPOL NDOHPOHULQLQ ROXรบPDVร•QGD Eย\ยNSD\ร•RODQ.DPEL\R0XKDVHEHVL0ยGยUOยรทยยถQยQ .00 LรบDNร•รบรบHPDODUร• oร•NDUWร•ODFDN YH OLWHUDWยUGHNL |UQHNOHU ED] DOร•QDUDN EX E|OยPGHNL Lo NRQWURO VLVWHPL GHรทHUOHQGLULOHFHNWLU %XQXQOD EDรทODQWร•Oร• RODUDN E|OยPGHNL RODVร• ULVNOHU J|]|QยQH

DOร•QDUDN

ULVN

GHรทHUOHPHVL

\DSร•ODFDNWร•U

5LVN

GHรทHUOHPHVL

\DSร•Oร•UNHQ ULVNOHULQ |QFHOLรทLQL EHOLUOHPHN LoLQ WHVSLW HGLOHQ ULVNOHU DUDVร•QGD WHUFLK \DSDUDN NDUDU YHUPH\H \DUGร•PFร• RODQ $QDOLWLN +L\HUDUรบL <DNODรบร•Pร•QGDQ $QDO\WLF+LHUDUFK\3URFHVV ID\GDODQร•ODFDNWร•U%XQXQLoLQGH.00GHoDOร•รบDQ YH

IDUNOร• LรบOHPOHUGHQ VRUXPOX NLรบLOHUOH \DSร•ODQ GHรทHUOHQGLUPHOHU GLNNDWH

DOร•QDFDNWร•U dDOร•รบPDQร•Q EXOJXODUร•Qร•Q KHP LOHULGH EXNRQXGD\DSร•ODFDNoDOร•รบPDODUD KHP GH 7ยUNL\H &XPKXUL\HW 0HUNH] %DQNDVร• LรบOH\LรบLQH \DUGร•PFร• ROPDVร• EHNOHQPHNWHGLU

 


%รธ5รธ1&รธ%g/h0

รธd.21752/

6RQ \ร•OODUGD oHรบLWOL NXUXOXรบODU YH|]HOOLNOHGHQHWoLOHUNXUXPODUD\|QHOLN VDรทOร•NOร•ELULoNRQWUROVLVWHPLย]HULQGH\RรทXQODรบPDNWDGร•UODU%|\OHELUGXUXPXQ VHEHEL GH ILQDQVDO SL\DVDODUGDNL JHOLรบPHOHU VRQXFX NDUรบร•ODรบร•ODQ ULVNOHULQ DUWPDVร• ROGXรทX NDGDU |]HOOLNOH ED]ร• Eย\ยN NXUXOXรบODUGD \DรบDQDQ Eย\ยN ILQDQVDO ND\ร•SODUGร•U %X ND\ร•SODUD LOLรบNLQ SUREOHPOHU DQDOL] HGLOGLรทLQGH LVH WHVSLW HGLOHQ HQ |QHPOL XQVXU HWNLOL Lo NRQWURO VLVWHPOHULQLQ YDUOร•รทร• GXUXPXQGD EX WยU ND\ร•SODUร•Q |QOHQHELOHFHรทL YH ULVNOHULQ D]DOWร•ODELOHFHรทLGLU (WNLOL Lo NRQWURO VLVWHPOHUL NXUXP \|QHWLPOHULQLQ |QHPOLELU|รทHVLROXSNXUXPLรบOH\LรบLQGH JยoOย YH JยYHQOL ELU \DSร• VDรทODUODU %X QHGHQOH V|] NRQXVX VLVWHPOHULQ D\Uร•QWร•Oร• RODUDN LQFHOHQPHVL |QHPOLGLU รธo NRQWUROยQ WDQร•Pร• YH |]HOOLNOHULQH JHoPHGHQ |QFHELUVRQUDNLE|OยPGHLoNRQWUROยQJHOLรบLPLQHNร•VDFDGHรทLQLOHFHNWLU

รธo.RQWUROยQ*HOLรบLPL 'ร•รบ GHQHWLP NDYUDPร•Qร•Q oRN HVNL JHoPLรบL ROPDVร•QD UDรทPHQ Lo GHQHWLP ยถODUGDQ VRQUD |QHP ND]DQPร•รบ YH \D\Jร•QODรบPร•รบWร•U รธo GHQHWLPLQ |QHPOL XQVXUODUร•QGDQ ELUL RODQ Lo NRQWUROยQ JHOLรบLPL GH Lo GHQHWLP NDYUDPร•Qร•Q RUWD\D oร•Nร•รบร•\OD EDรบODU 'DKD |QFHOHUL ED]ร• Eย\ยN LรบOHWPHOHUGH Lo GHQHWLP X\JXODQPร•รบVD

GD

VDGHFH

LรบOHWPH

YDUOร•NODUร•Qร•

NRUXPD

J|UHYL

LOH

Vร•Qร•UODQGร•Uร•OPร•รบWร•U ยถODUGDQ VRQUD Lรบ KD\DWร•QGD RUWD\D oร•NDQ JHOLรบPHOHU NXUXPODUร•Q

IDDOL\HW

VD\ร•

YH

NDUPDรบร•NOร•รทร•Qร•Q

DUWPDVร•

YH

\|QHWLPOHULQ

NXUXPODUร•Q IDDOL\HWOHULQL GRรทUXGDQ GRรทUX\D NRQWURO HWPH LPNDQร•Qร•Q D]DOPDVร• QHGHQL\OH Lo GHQHWLP Kร•]OD JHOLรบPLรบ YH  \ร•Oร•QGD $PHULND GD NXUXODQ รธo 'HQHWoLOHU

(QVWLWยVย

7KH

,QVWLWXWH

 

RI

,QWHUQDO

$XGLWRUV

,,$ 

LOH


NXUXPVDOODúPÕúWÕU %X HQVWLW JLGHUHN JHOLúPLú JQP]GH oRN VD\ÕGD \H\H VDKLS KDOH JHOPLúWLU *UE]  V   (QVWLWQQ Lo GHQHWLPH LOLúNLQ

\D\ÕQODGÕ÷Õ

UDSRUODU

\DQÕQGD

Lo

NRQWUROOH

LOJLOL

\D\ÕQODUÕ

G|QHPLQ

úDUWODUÕQD J|UH JHoPLúWHQ JQP]H G]HQOL úHNLOGH UHYL]H HGLOPLúWLU $\UÕFD \LQH $PHULND¶GD  \ÕOÕQGD &RPPLWWHH RI 6SRQVRULQJ 2UJDQLVDWLRQV RI WKH 7UHDGZD\ &RPPLVVLRQ WDUDIÕQGDQ \D\ÕPODQDQ YH &262 5DSRUX &262 5HSRUW  RODUDN ELOLQHQ ³,QWHUQDO &RQWURO ,QWHJUDWHG )UDPHZRUN´ Lo NRQWURO VWDQGDUWODUÕQÕQ X\JXODQPDVÕQGD GQ\DGD SHN oRN NXUXPXQ |UQHN DOGÕ÷Õ ELU UDSRUGXU 7KH,QVWLWXWHRI,QWHUQDO$XGLWRUV  øo NRQWUROH LOLúNLQ ,,$ YH &262¶ÕQ oDOÕúPDODUÕQÕ GL÷HU ONHOHUGH oHúLWOL ]DPDQODUGD \D\ÕPODQDQ UDSRUODU L]OHPLú YH EX UDSRUODU ÕúÕ÷ÕQGD NXUXPODUÕQ IDDOL\HWOHULQL HWNLOL YH HWNLQ ELU ELoLPGH \HULQH JHWLUHUHN YH PDUX] NDOGÕNODUÕ ULVNOHUL PLQLPL]H HGHUHN KHGHIOHULQL JHUoHNOHúWLUPHOHUL DPDoODQPÕúWÕU %X oDOÕúPDODUGDQED]ÕODUÕ



.DQDGD <HPLQOL 0XKDVHEHFLOHU (QVWLWV .RQWURO .ULWHUOHUL <NVHN .XUXOX¶QXQ 7KH &ULWHULD RI &RQWURO %RDUG RI WKH &DQDGLDQ ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV   \ÕOÕQGD \D\ÕQODGÕ÷Õ &RFR 5DSRUX &RFR 5HSRUW 



%DQN )RU ,QWHUQDWLRQDO 6HWWOHPHQWV¶ÕQ %,6   \ÕOÕQGD \D\ÕQODPÕú ROGX÷X ³øo .RQWURO 6LVWHPOHULQLQ 'H÷HUOHQGLULOPHVL´ )UDPHZRUN IRU WKH (YDOXDWLRQRI,QWHUQDO&RQWURO6\VWHPV 



øQJLOWHUH YH *DOOHU <HPLQOL 0XKDVHEHFLOHU (QVWLWV¶QQ  7KH ,QVWLWXWH RI

&KDUWHUHG

$FFRXQWDQWV

LQ

(QJODQG

DQG

:DOHV 



\ÕOÕQGD

\D\ÕQODGÕ÷Õ  ³øo .RQWURO 7RSOX .XUDOODUD øOLúNLQ <|QHWLFL 5HKEHUL´ ,QWHUQDO &RQWURO *XLGDQFH IRU 'LUHFWRUV RQ WKH &RPELQHG &RGH  NL D\QÕ

]DPDQGD

7XUQEXOO

5DSRUX

7XUQEXOO

5HSRUW 

RODUDN

GD

ELOLQPHNWHGLU



øo

'HQHWoLOHU

(QVWLWOHUL

$YUXSD

.RQIHGHUDV\RQX¶QXQ

(XURSHDQ

&RQIHGHUDWLRQ RI ,QVWLWXWHV RI ,QWHUQDO $XGLWLQJ (&,,$   \ÕOÕQGD \D\ÕQODPÕú ROGX÷X ³øo 'HQHWLP YH øo .RQWURO´ ,QWHUQDO &RQWURO DQG ,QWHUQDO$XGLWLQJ 

 


RODUDN

Vร•UDODQDELOLU

6|]

NRQXVX

oDOร•รบPDODU

NXUXPODUร•Q

KHGHIOHULQLQ

JHUoHNOHรบWLULOPHVLQL ND\QDNODUร•Q HNRQRPLN YH YHULPOL NXOODQร•Pร•Qร• SROLWLND SODQ

NDQXQ

YH

Gย]HQOHPHOHUH

X\JXQOXรทX

LOH

ELOJLQLQ

JยYHQLOLUOLรทLQL

YH

GRรทUXOXรทXQX WHPLQ HWPH\H \|QHOLN RODUDN NXUXODFDN Lo NRQWURO VLVWHPOHUL\OH LOJLOLWHPHOLONHOHULLoHUPHNWHGLU

hONHPL]GH GH EX JHOLรบPHOHUH SDUDOHO RODUDN %DQNDFร•Oร•N 'ย]HQOHPH YH 'HQHWOHPH .XUXPXยถQXQ %''.  Gย]HQOHPLรบ ROGXรทX YH  WDULK YH VD\ร•Oร•5HVPL*D]HWHยถGH\D\ร•PODQDQยณ%DQNDODUร•Qรธo'HQHWLPYH5LVN <|QHWLPL 6LVWHPOHUL +DNNร•QGD <|QHWPHOLNยด \ยUยUOยรทH JLUPLรบWLU %X \|QHWPHOLN EDQNDODUร•Q NDUรบร•ODรบWร•NODUร• ULVNOHULQ L]OHQPHVLQL YH NRQWUROยQย VDรทODPDN ย]HUH NXUDFDNODUร• Lo GHQHWLP VLVWHPOHUL LOH ULVN \|QHWLP VLVWHPOHULQH LOLรบNLQ HVDV YH XVยOOHUL EHOLUOHPH\L DPDoODPDNWDGร•U %''. <|QHWPHOLN  WDULK VD\ร•Oร•5HVPL*D]HWH0DGGH 

7DQร•Pร• *HUHN NXUXPVDO \|QHWLP YH JHUHNVH Lo GHQHWLPGHNL |QHPLQGHQ GROD\ร• Lo NRQWURO VLVWHPLQLQ D\Uร•QWร•Oร• ELU ELoLPGH LQFHOHQPHVL |QHPOLGLU รธo NRQWUROH LOLรบNLQ VWDQGDUW ELU WDQร•P ROPDGร•รทร• JLEL KHU NXUXPXQ NHQGLQH |]Jย \DSร•Vร•QGDQ GROD\ร• WยP NXUXPODUGD X\JXODQDELOHFHN VWDQGDUW ELU Lo NRQWURO VLVWHPLQLJHOLรบWLUPHLPNDQร•GD\RNWXU %XQXQOD ELUOLNWH Lo NRQWUROH LOLรบNLQ RODUDN GยQ\DGD SHN oRN NXUXOXรบXQ NHQGL

VLVWHPLQH

X\DUODPDGD

ID\GDODQGร•รทร•

ELU

UDSRU

RODQ

&RVR

5DSRUX

 ยถQD J|UH Lo NRQWURO ELU NXUXPXQ \|QHWLP NXUXOX ยVW \|QHWLPL YH oDOร•รบDQODUร•QGDQ HWNLOHQHQ YH LรบOHPOHULQ HWNLQ YH YHULPOL \ยUยWยOPHVL ILQDQVDO UDSRUODUร•Q JยYHQLOLUOLรทL YH \ยUยUOยNWHNL NDQXQ YH Gย]HQOHPHOHUH X\XOPDVร• KHGHIOHULQHXODรบPDGDPDQWร•NOร•o|]ยPOHUVXQDQELUVยUHoWLU %DQNDFร•Oร•N

'ย]HQOHPH

YH

'HQHWOHPH

.XUXPXยถQXQ

%''. 

%DQNDODUร•Q รธo 'HQHWLP YH 5LVN <|QHWLPL 6LVWHPOHUL +DNNร•QGD \D\ร•QODGร•รทร• \|QHWPHOLรทLQ  PDGGHVLQH J|UH LVH  WDULK YH  VD\ร•Oร• 5HVPL *D]HWH  



 


ยณรธo

NRQWURO

EDQND

IDDOL\HWOHULQLQ

\|QHWLP

VWUDWHMLVL

YH

SROLWLNDODUร•QD X\JXQ RODUDN Gย]HQOL YHULPOL YH HWNLQ ELU รบHNLOGH PHYFXW PHY]XDWYHNXUDOODUoHUoHYHVLQGH \ยUยWยOPHVLQL KHVDSYHND\ร•WGย]HQLQLQ EยWยQOยรทย YH JยYHQLOLUOLรทLQL YHUL VLVWHPLQGHNL ELOJLOHULQ ]DPDQร•QGD HOGH HGLOHELOLUOLรทLQL VDรทODPDN DPDFร•\OD EDQND \|QHWLP NXUXOX YH ยVW Gย]H\ \|QHWLPL WDUDIร•QGDQ WHVLV HGLOHQ \|QHWLP WDU]ร• YH RUJDQL]DV\RQ \DSร•Vร• NDSVDPร•QGD \ยUยWยOHQ YH KHU VHYL\HGHNL SHUVRQHO WDUDIร•QGDQ X\XOPDVร• YH X\JXODQPDVร•JHUHNHQNRQWUROIDDOL\HWOHULGLUยณ

%DQNDODUร•Q JHOLรบWLUPHOHUL

KHGHIOHULQL

\HQL

JHUoHNOHรบWLUHFHNOHUL

JHUoHNOHรบWLUPHOHUL

WHNQRORMLN

JHOLรบPHOHUL

IDDOL\HWOHUGH

RUWD\D

RSHUDV\RQHO

X\JXODPD\D

oร•NDELOHFHN

VยUHoOHULQL

NR\PDODUร•

ULVNOHUL

YH

PLQLPL]H

HGHELOPHOHUL LoLQ HWNLQ ELU Lo NRQWURO YH ULVN \|QHWLPL PHNDQL]PDVร•QD LKWL\Do YDUGร•U (WNLOL Lo NRQWUROOHU JยYHQOL YH JยoOย EDQNDFร•Oร•รทร•Q WHPHOLGLU 6DรทODP WHPHOHRWXUPXรบYHWXWDUOร•ELoLPGH\ยUยWยOHQRSHUDV\RQHOYHILQDQVDOLoNRQWURO VLVWHPOHUL

EDQNDQร•Q

ND\QDNODUร•Qร•

NRUXPD\D

JยYHQLOLU

ILQDQVDO

UDSRUODU

ROXรบWXUPD\D NDQXQ YH Gย]HQOHPHOHUOH X\XPOX ROPD\D \DUGร•PFร• ROXUODU $\Uร•FD|QHPOLKDWDODUร•QROXรบPDRODVร•Oร•รทร•Qร•D]DOWร•SRUWD\Doร•NPDVร•GXUXPXQGD GD]DPDQร•QGDRUWDGDQNDOGร•Uร•OPDVร•QDNDWNร•GDEXOXQXUODU



รธo NRQWURO KHGHIOHUH YHDPDoODUDXODรบPDGDNXOODQร•ODQSODQPHWRGYH SURVHGยUOHUL NDSVDU YH SHUIRUPDQVD GD\DOร• \|QHWLPL GHVWHNOHU $\Qร• ]DPDQGD YDUOร•NODUร•Q

NRUXQPDVร•QGD

oร•NDUร•OPDVร•QGD ND\QDNODUร•Q

ELULQFL

HWNLQ

KLOH

GHUHFHGH

NXOODQร•Pร•

YH

KDWDODUร•Q

VDYXQXFX

\ROX\OD

|QOHQPHVL

RODUDN

LVWHQLOHQ

KL]PHW

YH HGHU

VRQXoODUD

RUWD\D $\Uร•FD

XODรบร•OPDVร•QGD

\|QHWLFLOHUH\DUGร•PFร•ROXU รธo NRQWURO WHPHO ELU \|QHWLP IRQNVL\RQX YH GLQDPLN ELU VยUHo ROXS <|QHWLP

.XUXOXยถQXQ

NXUXP

ยVW

Gย]H\

\|QHWLPLQLQ

YH

GLรทHU

NXUXP

SHUVRQHOLQLQ LoLQGH \HU DOGร•รทร• NXUXPXQ KHU VHYL\HVLQGH VยUHNOLOLN J|VWHUPHVL ]RUXQOXELUIDDOL\HWRODUDN\ยUยWยOยU

7HPHOg]HOOLNOHUL รธo

NRQWUROยQ

Gย]HQOHQPHVLQGH

YH

WHPHO

|]HOOLNOHUL

X\JXODQPDVร•QGD

Lo

NRQWUROH

WHPHO

LOLรบNLQ

oHUoHYH\L

VWDQGDUWODUร•Q

ROXรบWXUXU

%X

|]HOOLNOHUL ยo EDรบOร•N DOWร•QGD WRSOD\DELOLUL] 86 *HQHUDO $FFRXQWLQJ 2IILFH    

 




รธoNRQWUROIDDOL\HWOHULQVยUHNOLELUSDUoDVร•Gร•U รธo NRQWURO VDGHFH ELU ROD\ GHรทLO LรบOHPOHU Vร•UDVร•QGD ROXรบDQ DNWLYLWHOHU

VHULVLGLU รธo NRQWURO NXUXOXรบXQ LoLQGH D\Uร• ELU \DSร•GDQ oRN \|QHWLPLQ LรบOHPOHUL Gย]HQOHPH YH \|QOHQGLUPHGH NXOODQGร•รทร• VLVWHPLQ JHUHNOL SDUoDODUร•QGDQ ELUL RODUDN ELOLQPHOLGLU รธo NRQWURO KHGHIOHUH XODรบPDN YH LรบOHULQ \ยUยWยOPHVLQL VDรทODPDN LoLQ NXUXOXรบXQ \DSร•Vร•Qร•Q ELU SDUoDVร• RODUDN Gย]HQOHQPLรบ \|QHWLP NRQWUROยGยU



รธoNRQWURONLรบLOHUWDUDIร•QGDQKD\DWDJHoLULOLU รธoNRQWUROยQ LรบOHPHVLQLVDรทOD\DQoDOร•รบDQODUGร•U%DรบDUร•Oร• ELULoNRQWUROยQ

VRUXPOXOXรทX

GD

\|QHWLFLOHUGHGLU

<|QHWLP

KHGHIOHUL

EHOLUOHU

NRQWURO

PHNDQL]PDODUร•Qร• ROXรบWXUXU IDDOL\HWOHUL X\JXODPD\D NR\DU YH NRQWUROOHUL L]OH\LS GHรทHUOHQGLULU

%XQXQOD ELUOLNWH NXUXOXรบWDNL WยP oDOร•รบDQODU EX DรบDPDODUร•Q

ROXรบPDVร•QGDYHX\JXODPDVร•QGD|QHPOLUROR\QDUODU



รธoNRQWURONHVLQo|]ยPOHUGHรทLOPDQWร•NOร•o|]ยPOHUVXQDU <|QHWLP

Lo

NRQWUROย

PDOL\HW

YH

ID\GDODUร•

LOH

EDรทODQWร•Oร•

RODUDN

WDVDUODPDOร• YH X\JXODPDOร•Gร•U รธo NRQWURO QH NDGDU L\L WDVDUODQร•S X\JXODQร•UVD X\JXODQVร•Q  WยP KHGHIOHULQ JHUoHNOHรบHFHรทLQH GDLU NHVLQ o|]ยPOHU VXQPD] .RQWURO

Gร•รบร•QGDNL

IDNW|UOHU

YH\D

\|QHWLPLQ

HWNLVL

NXUXPXQ

DPDoODUร•QD

XODรบPDVร•Qร• HWNLOH\HELOLU รธQVDQ KDWDVร• NDUDU \D GD \RUXP KDWDODUร• YH NRQWUROย DWODWPD

oDEDODUร•

QHGHQOH

Lo

NXUXP

NRQWUROOHU

KHGHIOHULQLQ

JHUoHNOHรบPHVLQL

X\JXODQGร•NODUร•

KHU

DODQGD

HQJHOOH\HELOLU

NXUXOXรบ

%X

DPDoODUร•Qร•

JHUoHNOHรบWLUPHQLQNHVLQGHรทLOPDQWร•NOร•YHRODVร•o|]ยPOHULQLVXQDUODU รธo NRQWUROยQ JHOLรบLPL WDQร•Pร• YH WHPHO |]HOOLNOHULQH LOLรบNLQ JHQHO ELU oHUoHYH VXQXOGXNWDQ VRQUD ELU VRQUDNL E|OยPGH Lo NRQWURO VLVWHPOHULQLQ DPDFร• NXUXOXรบXQGD GLNNDWH DOร•QPDVร• JHUHNHQ IDNW|UOHULQ QHOHU ROGXรทX WHPHO |รทHOHUL YH VLVWHPGHNL J|UHY YH VRUXPOXOXNODUร•Q QDVร•O GDรทร•OGร•รทร• NRQXODUร•QD GHรทLQLOHFHNWLU

 


รธ.รธ1&รธ%g/h0

รธd.21752/6รธ67(0/(5รธ

%LU NXUXPXQ Lo NRQWURO VLVWHPL R NXUXPGD \ยUยWยOPHNWH RODQ GHQHWLP IDDOL\HWOHULQH GRรทUXGDQ HWNL \DSDU %X HWNL KHP Lo GHQHWLP KHP GH EDรทร•PVร•] GHQHWLP ย]HULQHGLU รธo GHQHWoLOHULQ VLVWHPL J|]GHQ JHoLUPHOHULQGHNL WHPHO DPDo

ยVW

\|QHWLP

GDYUDQร•OGร•รทร•Qร•Q ]DPDQOร•

YH

WDUDIร•QGDQ

\|QHWLP HNVLNVL]

VDSWDQPร•รบ

NDUDUODUร•QD RODUDN

HVDV

\|QHUJH RODQ

KD]ร•UODQDUDN

YH

oHรบLWOL

NXUDOODUD

X\JXQ

UDSRUODUร•Q

GRรทUX

\|QHWLPH

VXQXOGXรทXQXQ

EHOLUOHQPHVLGLU รธo NRQWURO VLVWHPLQLQ EDรทร•PVร•] GHQHWoL WDUDIร•QGDQ J|]GHQ JHoLULOPHVLQLQ

DPDFร•

LVH

GHQHWOHQHQ

NXUXPFD

WXWXODQ

KHVDSODUร•Q

YH

KD]ร•UODQDQ ILQDQVDO UDSRUODUร•Q JยYHQLOLUOLรทLQL VDSWDPDN YH \ร•O VRQX GHQHWLPL Vร•UDVร•QGD X\JXODQDFDN GHQHWLP LรบOHPOHULQLQ WยUยQย NDSVDPร•Qร• YH D\Uร•QWร• GHUHFHVLQL EHOLUOHPHNWLU %XQGDQ EDรบND EDรทร•PVร•] GHQHWoLOHU VLVWHPLQ LรบOHUOLรทL KDNNร•QGD

J|Uยรบ

ELOGLUPHN

NXUXP

\|QHWLFLOHULQH

VLVWHPLQ

L\LOHรบWLULOPHVL

NRQXVXQGD|QHULOHUGHEXOXQPDNLoLQLoNRQWUROVLVWHPLQLLQFHOHUOHU 'ROD\ร•Vร•\OD

Lo

NRQWURO

VLVWHPOHULQGH

NRQWURO

DPDoODUร•Qร•Q

GRรทUX

WDQร•PODQPDVร•NDOLWHOLELUGHQHWLPoDOร•รบPDVร•Qร•Q|QNRรบXOXGXU

รธo.RQWURO6LVWHPOHULQLQ$PDFร•

รธo.RQWURO6LVWHPL\|QHWLPLQDรบDรทร•GDEHOLUWLOHQDPDoODUร•EDรบDUPDVร•QD \DUGร•PFร• ROPDN LoLQ \|QHWLP WDUDIร•QGDQ X\DUODQDQ SROLWLNDODU YH SURVHGยUOHUL LIDGHHGHU 'DOWRQDQG+LOEHUVV 



รธรบLQGย]JยQYHHWNLQ\ยUยWยOPHVL



<ยUยUOยNWHNL NDQXQ YH Gย]HQOHPHOHUH X\JXQOXรทX NDSVD\DFDN รบHNLOGH \|QHWLPSROLWLNDODUร•QDEDรทOร•Oร•N

 




9DUOร•NODUร•QNRUXQPDVร•



+LOHYHKDWDQร•QWHVSLWLYH|QOHQPHVL



0XKDVHEHND\ร•WODUร•Qร•QGRรทUXOXรทXYHWDPOร•รทร•



)LQDQVDOELOJLQLQ]DPDQร•QGDKD]ร•UODQร•รบร• %HOLUWLOHQ EX DPDoODUร• JHQHO ELU oHUoHYHGH WRSODUVDN ยo DQD NDWHJRUL

ROXรบXU

รธรบOHPOHULQ

HWNLQOLรทL

YH

YHULPOLOLรทL

SHUIRUPDQV

KHGHIOHUL 

ILQDQVDO

UDSRUODUร•Q JยYHQLOLUOLรทL ELOJL\H LOLรบNLQ KHGHIOHU  YH \ยUยUOยNWHNL NDQXQ YH Gย]HQOHPHOHUH X\JXQOXN X\JXQOXN KHGHIOHUL  %X KHGHIOHULQ KHUELUL DรบDรทร•GD Nร•VDFDDoร•NODQPร•รบWร•U รธรบOHPOHULQHWNLQOLรทLYHYHULPOLOLรทL รธo NRQWUROยQ SHUIRUPDQVD LOLรบNLQ KHGHIOHUL NXUXP ND\QDNODUร•Qร•Q HWNLQ YH YHULPOLRODUDNNXOODQร•OPDVร•YH RODVร•]DUDUODUร•Q|QOHQPHVLGLUรธoNRQWUROLรบOHYL LOH WยP NXUXP SHUVRQHOLQLQ EDQND oร•NDUODUร•Qร• NLรบLVHO \D GD GLรทHU KHU WยUOย oร•NDUร•QยVWยQGHWXWDUDNNXUXPKHGHIOHULGRรทUXOWXVXQGDHWNLQRODUDNoDOร•รบPDVร• DPDoODQร•U )LQDQVDOUDSRUODUร•QJยYHQLOLUOLรทL %LOJL\H LOLรบNLQ KHGHIOHU WHPHO RODUDN NXUXPXQ NDUDU RUJDQODUร•QD JยYHQLOLU YH GRรทUX ELOJLQLQ X\JXQ UDSRUODUOD ]DPDQร•QGD WHVOLP HGLOPHVLGLU <|QHWLP NXUXOX ยVW \|QHWLP KLVVHGDUODU YH GHQHWLP RWRULWHOHULQH YHULOHQ UDSRUODUร•Q GRรทUX YH JยYHQLOLU ROPDVร• NDUDU DOPD VยUHFLQGH EX YHULOHUH JยYHQLOPHVL

Doร•Vร•QGDQ

|QHPOLGLU

*ยYHQLOLU

ELOJL

ROPDGร•รทร•QGD

\|QHWLPLQ

\ยNVHN VWDQGDUWODUGD LGDUH\L EDรบDUPDVร• ]RUODรบร•U $\Uร•FD รบHIIDIOร•N YH JยYHQ PHNDQL]PDODUร•Qร•Q

\RNOXรทX

Gย]JยQ

KDEHUOHรบPH\L

GH

EHOLUJLQ

ELU

รบHNLOGH

D]DOWร•U%XQHGHQOHILQDQVDOUDSRUODUร•QWDPGRรทUXYHJยYHQLOLUROPDVร•



)LQDQVDO PXKDVHEH VLVWHPLQLQ WยP IDDOL\HWOHUL YH ROD\ODUร• Gย]JยQ ELU รบHNLOGHND\GHWPHVLQH



<|QHWLPLQ LรบOHPOHULQ YH ULVNOHULQ HWNLQ ELU รบHNLOGH \|QHWLPL LoLQ \HWHUOL ELOJL\HXODรบDELOPHVLQH



3L\DVDODUD GDรทร•Wร•ODQ ILQDQVDO UDSRUODUร•Q NXUXOXรบXQ SHUIRUPDVร•Qร• YH GXUXPXQXรบHIIDIWDPYHX\JXQELUรบHNLOGHDoร•NODPDVร•QDEDรทOร•Gร•U

 


8\JXODQDELOLUNDQXQYHGย]HQOHPHOHUHX\JXQOXN รธo NRQWUROยQ X\JXQOXN KHGHIOHUL WยP NXUXP IDDOL\HWOHULQLQ LOJLOL \DVDO Gย]HQOHPHOHUH J|]HWLP YH GHQHWLP RWRULWHOHULQLQ EHOLUOHGLรทL VWDQGDUWODUD YH NXUXPXQ SROLWLND YH \|QWHPOHULQH X\JXQ ROPDVร•Qร• LIDGH HGHU.XUXPLWLEDUร•Qร•Q NRUXQPDVร•LoLQV|]NRQXVXHVDVODUDX\JXQOXN|QHPOLGLU $รบDรทร•GDNLรบHNOH J|UH รนHNLO LoNRQWUROVLVWHPLYL]\RQYHPLV\RQ LOH \|QOHQGLULOHQ NXUXPXQ VWUDWHMLN KHGHIOHULQLQ EX KHGHIOHULQ WDNLELQGH NXUXP WDUDIร•QGDQ ยVWOHQLOHQ J|UHYOHUOH NULWLN EDรทODQWร•Vร•Qร• J|VWHUPHNWHGLU 9L]\RQ NXUXP YH KยNยPHWWDUDIร•QGDQSD\ODรบร•ODQX]XQG|QHPOLEHNOHQWLOHULLIDGHHGHU 0LV\RQ

LVH

KยNยPHWH

EHNOHQWLOHUH

YH

WRSOXPD

\ยNยPOยOยNOHULGLU

0LV\RQ

NXUXPXQ NDUรบร•

FHYDEร•Gร•U

UROย

NXUXPXQ

YH

.XUXPXQ

\HULQH

ยVWOHQHFHรทL

SDUODPHQWR\D

JHWLUPHVL

WยP

JHUHNHQ

IDDOL\HWOHULQ

RGDN

QRNWDVร•Qร• ROXรบWXUXU 9L]\RQ YH PLV\RQ WDQร•PODQGร•NWDQ VRQUD NXUXP VWUDWHMLN KHGHIOHULQL EHOLUOHPH QRNWDVร•QD JHOPLรบ GHPHNWLU 7DQร•PODQDELOHQ |OoยOHELOHQ EDรบDUร•OGร•รทร•QGD

LVWHQLOHQ

VRQXFX

YHUHQ

VWUDWHMLN

KHGHIOHU

LVH

NXUXPXQ

PLV\RQXQXYHVRQXoRODUDNYL]\RQXQXEDรบDUPDVร•QD\DUGร•PFร•ROXUODU

hVW <|QHWLPLQ 7XWXPX \|QHWLP NXUXOX YH ยVW Gย]H\ \|QHWLPLQLQ PHVOHNL

YH

NยOWยUยQยQ

DKODNL

VWDQGDUWODUร•Q

ROXรบWXUXOPDVร•QGDQ

SURVHGยUOHUL

NXUXPXQ

PDUX]

JHOLรบWLULOPHVLQGHQ

VRUXPOX NDOGร•รทร•

ROPDVร•Qร• ULVNOHULQ

YH

NXUXP

LIDGH

PLQLPL]H

LoL

HGHU

NRQWURO .RQWURO

HGLOPHVL

LoLQ

X\JXODQDQ SROLWLND YH SURVHGยUOHUL LoHULU .RQWURO YH SURVHGยUOHULQ JHOLรบLPL YH GHQHWLPLQLQ VRUXPOXOXรทX NXUXPXQ \|QHWLPLQH EDรทOร• ROPDOร•Gร•U .RQWURO YH SURVHGยUOHU \|QHWLPL LOJLOL ULVNOHULQ WHVSLW HGLOLS JHUHNOL |QOHPOHULQ DOร•QGร•รทร•QD YH X\JXQ SURVHGยUOHULQ L]OHQGLรทLQH LNQD HWPHN DPDFร•\OD WDKPLQ HGLOHQ YH JHUoHNOHรบHQ ELU GL]L IDDOL\HW LoHULU 7DKPLQ HGLOHQ IDDOL\HWOHU JHQHOOLNOH WHUV ELU ROD\ร•Q RUWD\D oร•NPD ULVNLQL D]DOWPDN LoLQ GDYUDQร•รบODUร• YH\D DGร•PODUร• NRQWURO HGHQ SURVHGยUOHUL LoHULU *HUoHNOHรบHQ IDDOL\HWOHU LVH SROLWLND YH SURVHGยUOHULQ X\XPOX

ROXS

ROPDGร•รทร•Qร•

GRรทUXODPDN

LoLQ

NRQWUROOHULQ

J|]GHQ

JHoLULOLS

JHoLULOPHGLรทLQLQ \|QHWLFLOHU WDUDIร•QGDQ Gย]HQOL WDNLEL YH NRQWUROH X\XPVX] GXUXPODUร•Q \|QHWLPH UDSRU HGLOPHVLQL LoHULU $\Uร•FD Lo GHQHWLPLQ J|]GHQ JHoLULOPHVLYHUDSRUODPD\ร•GDNDSVDU



 


  













    

            



9รธ=<21

       !   0รธ6<21

"# %$  

& '  (( (

)  *  ( +  , 

+('()/(5

h67 <g1(7รธ0รธ1 787808 

  + n/ 8_   



. # /(01   2 / 3 '     

รธ=/(0(



- ) '  ',   (

5รธ6.

 .21752/

"# 4/ 5    

 

 





.$<1$./$5

)21.6รธ<21/$5

9$5/,./$5

-  6/7  +   ' ',= 



89   2 (

)  *  ( +  , 

& :   ; )< + ) /( 0?>   @

รนHNLOรธo.RQWURO6LVWHPOHUL

ABCDB1EGFHJIKELMF N!N!NPO Q R SMBT?U?R C?O DTNPO V1WXMO BU Y Z [ Q BD\MBMR \?T] WMR_^ DQ SR DB`a WDQ R WM`b Ddc1S?\1SR B`e2WXS9R D?fPS9DQ gR B1h?WMR U1D\MBMDiUCBR ` BDfkj lQmj R O 5LVN

'HรทHUOHQGLUPH \|QHWLP

NXUXOXQXQ



NXUXPXQ WDรบร•Gร•รทร• WHPHO

ULVNOHUL J|]|QยQGH EXOXQGXUDUDN EX ULVNOHUH LOLรบNLQ PDNXO OLPLWOHUL EHOLUOHPHVL YH ULVN \|QHWLPL JUXEX LOH NXUXP ยVW Gย]H\ \|QHWLPLQLQ NDUรบร•ODรบร•ODELOHFHN ULVNOHUKXVXVXQGDJHUHNOLWHGELUOHULDOPDODUร•Qร•LIDGHHGHU %LOJL

YH

+DEHUOHรบPH

Lo

NRQWURO

IRQNVL\RQXQXQ

L\L

ELU

ELoLPGH

oDOร•รบPDVร•Qร•QYHJHUHNOLELOJLLKWL\DFร•Qร•QNDUรบร•ODQPDVร•EDNร•Pร•QGDQHWNLQELOJLYH KDEHUOHรบPH VLVWHPOHULQLQ ROXรบWXUXOPDVร•Qร• LIDGH HGHU .XUXPXQ DPDoODUร•

 


SROLWLNDODUร• X\JXODPD XVXOOHUL YH EHNOHQWLOHUL KDNNร•QGD DOW ELULP \|QHWLFLOHUL YH RSHUDV\RQGDJ|UHYOLSHUVRQHOWDPDQODPร•\ODKDEHUGDUHGLOPHOLGLU รธ]OHPH HNVLNOLNOHULQLQ

Lo

WHVSLW

NRQWURO HGLOPHVL

VLVWHPLQLQ NRQWURO

HWNLQOLรทLQLQ

ERรบOXNODUร•Qร•Q

GHรทHUOHQGLULOPHVL

EHOLUOHQPHVL

YH

EX

WHVSLWOHULQ ยVW \|QHWLP YH \|QHWLP NXUXOX LOH SD\ODรบร•ODUDN JHUHNOL |QOHPOHULQ DOร•QPDVร•VยUHFLGLU รนHNLO ยถGH GH J|UยOGยรทย JLEL EHรบ |QHPOL |รทHGHQ ROXรบDQ Lo NRQWURO VLVWHPLQGH DPDo NXUXP LoLQGH ยVW \|QHWLPGHQ HQ DOW NDGHPH\HNDGDUJ|UHY YH VRUXPOXOXNODUร•Q HWNLQ ELU รบHNLOGH GDรทร•Oร•Pร•Qร•Q  \DSร•ODUDN  ND\QDNODUร•Q HWNLQ NXOODQร•Pร• YDUOร•NODUร•Q NRUXQPDVร• ILQDQVDO UDSRUODUร•Q JยYHQLOLUOLรทL YH NDQXQ YH Gย]HQOHPHOHUH X\XOPDVร•Qร•Q VDรทODQPDVร• YH EX \ROOD NXUXP KHGHIOHULQLQ JHUoHNOHรบWLULOPHVLGLU 'ROD\ร•Vร•\OD oDOร•รบDQODUร•Q Lo NRQWURO VLVWHPLKDNNร•QGDELOJLOL YHLVWHNOLROPDVร•oRN|QHPND]DQPDNWDGร•U

รธo.RQWURO6LVWHPLQLQ.XUXOPDVร•QGD'LNNDWH$Oร•QPDVร•*HUHNHQ



)DNW|UOHU

รธo NRQWURO VLVWHPLQLQ NXUXOXรบ YH X\JXODQร•รบร•QGD LNL WHPHO IDNW|UGHQ V|] HGHELOLUL]

%X

IDNW|UOHUGHQ

ELULQFLVL

PDOL\HW

IDNW|UยGยU

รธo

NRQWURO

SURVHGยUOHULQLQ X\JXODQPDVร• NXUXP LoLQGH EยURNUDVL\L DUWร•UGร•รทร• JLEL LรบOHPOHULQ \ยUยWยOPHVLQGH GDKD ID]OD EHOJH YH LรบJยFย KDUFDPDVร• JHUHNWLULU $\Uร•FD EยURNUDWLN LรบOHPOHU QHGHQL\OH LรบOHPOHULQ JHFLNPHVL NkUOร•Oร•N YH YHULPOLOLรทLQ GยรบยN

Gย]H\GH

JHUoHNOHรบPHVLQH

GH

\RO

DoDELOLU

'ROD\ร•Vร•\OD Lo NRQWURO

VLVWHPLQLQ NXUXOPDVร•QGD YH X\JXODQPDVร•QGD NXUXPXQ NDWODQGร•รทร• EX ND\ร•S YH KDUFDPDODU Lo NRQWURO VLVWHPLQLQ PDOL\HWLGLU .XUXP LoLQGH X\JXODQDQ Lo NRQWUROSURVHGยUOHULDUWWร•NoDVLVWHPLQPDOL\HWLGHDUWDU %X QHGHQOH X\JXODQDQ Lo NRQWURO SURVHGยUOHULQLQ PDOL\HWL KLoELU ]DPDQ HOGH HGLOPHVL EHNOHQHQ ID\GD\ร• DรบPDPDOร•Gร•U %XUDGD LIDGH HGLOHQ ID\GD

Lo

NRQWURO

VLVWHPLQLQ

WDQร•Pร•QGD

EHOLUWLOHQ

DPDoODUD

XODรบPDGD

EDรบDUร•Vร•]Oร•N RODVร•Oร•รทร•Qร•Q D]DOWร•OPDVร•\OD WDVDUUXI HGLOHQ PDOL\HWOHUGLU .XUXP LoLQGH Lo NRQWURO \|QWHPOHULQLQ GDKD \RรทXQ ELU รบHNLOGH X\JXODQPDVร• LOH ]DUDUODU  JLGHUHN D]DOVD GD WDPDPร•\OD Vร•Iร•UODQPD] 1H NDGDU VDรทODP ELU Lo

 


NRQWURO

VLVWHPL

NXUXOXUVD

NXUXOVXQ

|QFHGHQ

WDKPLQ

HGLOHPH\HQ

YH\D

HQJHOOHQPH\HQND\ร•SODURODFDNWร•U )D\GD

YH

PDOL\HW LOLรบNLVL Lo NRQWURO VLVWHPLQLQ NXUXOPDVร•QGD YH

X\JXODQPDVร•QGD GLNNDWH DOร•QPDVร• JHUHNHQ ELU NULWHU ROPDNOD ELUOLNWH ID\GD YH PDOL\HWLQNHVLQ RODUDN|OoยOPHVLJHQHOOLNOHPยPNยQGHรทLOGLU)D\GDYHPDOL\HW LOLรบNLVLQL GHรทHUOHPH \|QHWLPLQ \DUJร•Vร•QD YH NDWODQร•ODQ YH WDVDUUXI HGLOHQ PDOL\HWOHULWDKPLQHWPHVLQHEDรทOร•Gร•U .HSHNoLV  รธNLQFL |QHPOL IDNW|U LVH ULVN IDNW|UยGยU (WNLQ ELU Lo NRQWURO VLVWHPL NXUXP DPDoODUร•QD XODรบร•OPDVร•Qร• HQJHOOH\HELOHFHN ULVNOHULQ WHVSLW HGLOPHVLQL YH GHรทHUOHQGLULOPHVLQL JHUHNWLULU 5LVNOHULQ GHรทHUOHQGLULOPHVLQGH NXUXPXQ NDUรบร• NDUรบร•\D ROGXรทX WยP ULVNOHU  NUHGL ยONH WUDQVIHU IDL] SL\DVD OLNLGLWH IDDOL\HW \DVDO YH LWLEDU ULVNL YE  GLNNDWH DOร•QPDOร•Gร•U .XUXP ยVW \|QHWLPL EX ULVNOHULQ EHOLUOHQPHVLQL YH PยPNยQ ROGXรทX |OoยGH ULVNOHUL D]DOWPD\D \|QHOLN NRQWURO SURVHGยUOHULQLQ

X\JXODQPDVร•Qร•

VDรทODPDOร•Gร•U

%XQX

\DSDUNHQ

GH

NXUXP

\|QHWLPL Lo NRQWURO VLVWHPL NXUXOPDGDQ |QFH PHYFXW ULVNOHULQ WยUOHULQL YH |QHP GHUHFHVLQL ELOPHOLGLU <|QHWLP WDUDIร•QGDQ EX ULVNOHUGHQ NDoร•Qร•OPD\DFDรทร• NDEXO HGLOGLNWHQ VRQUD ULVNOHUL D]DOWPDN LoLQ Lo NRQWURO VLVWHPL NXUXOPDOร•Gร•U <HQL\DGDGDKD|QFHGHQWHVWHGLOPHPLรบULVNOHULoLQVHLoNRQWUROVLVWHPOHULQLQ \HQLGHQ\DSร•ODQGร•Uร•OPDVร•GDJHUHNHELOLU .HSHNoL  .XUXPODU VยUGยUPHNWHGLUOHU

VยUHNOL

JHOLรบHQ

'ROD\ร•Vร•\OD

YH

GHรทLรบHQ

NXUXPODUร•Q

ELU

D\DNWD

RUWDPGD

IDDOL\HWOHULQL

NDODELOPHOHUL

WHNQRORMLN

JHOLรบPHOHU Gร•รบ IDNW|UOHU HNRQRPLN DODQGD YH ELOJL VLVWHPOHULQGHNL JHOLรบPHOHU YH

\HQL

Gย]HQOHPHOHUOH

GHรทLรบLNOLNOHUH

NHQGLQL

RUWD\D

DGDSWH

oร•NDELOHFHN

HGHELOHQ

YH

ULVNOHUL

EHOLUOH\HUHN

NDUรบร•ODรบร•ODQ

ULVNOHUL

WยP

EX

PLQLPL]H

HGHELOHQJยoOยELULoNRQWUROVLVWHPLROXรบWXUPDODUร•\ODPยPNยQGยU

รธo.RQWURO6LVWHPLQLQ7HPHOgรทHOHUL .XUXPODUร•Q KHGHIOHULQL JHUoHNOHรบWLUPH\H \|QHOLN SROLWLND SODQ YH SURVHGยUOHUL NDSVD\DQ Lo NRQWURO VLVWHPOHULQLQ NXUXP LKWL\DoODUร•QD FHYDS YHUHELOHFHN YH HWNLQ ELU รบHNLOGH LรบOHPHVLQL VDรทOD\DFDN ยo WHPHO XQVXUXQXQ EXOXQPDVร•JHUHNLU *ยUHGLQYH.HSHNoL %XXQVXUODU

 


D  รธo .RQWURO SURVHGยUOHUL +HP VD\ร•VDO ILQDQVDO OLPLWOHU YE  KHP GH QLWHOLNVHO RODUDN J|UHY GDรทร•Oร•Pร• YE  LรบOHPOHULQ NRQWUROย YH \DSร•ODFDN NRQWUROOHUGH \|QHWLP WDUDIร•QGDQ VRUXPOXOXNODUร•Q EHOLUOHQPHVLQL LIDGH HGHU <|QHWLFLOHU

ULVNOHUL

HQ

D]D

LQGLUJH\HFHN

ELOJLOHULQ

GRรทUX

YH

JยYHQLOLU

UDSRUODPDVร•Qร• VDรทOD\DFDN YH YHULPOLOLรทL DUWร•UDFDN NXUXP \DSร•Vร•QD X\JXQ HWNLQ ELU Lo NRQWURO VLVWHPLQLQ NXUXOPDVร•QGD YH oDOร•รบWร•Uร•OPDVร•QGD HVDV VRUXPOXOXรทD VDKLSWLUOHU 6RUXPOXOXN |UJยW SODQร•Qร•Q \DSร•OPDVร•QGD KHU ELULP LoLQGH J|UHY GDรทร•Oร•Pร•Qร•Q J|]GHQ JHoLULOPHVLQGH RQD\ODQPDVร•QGD YH GHรทLรบHQ NRรบXOODUD J|UHLoNRQWUROยQ\HWHUOLOLรทLQLQ\HQLGHQGHรทHUOHQGLULOPHVLQGHJ|UยOยU

E 

<HWHUOL

PXKDVHEH

YH

ELOJL

VLVWHPOHUL

.XUXP

EยQ\HVLQGH

JHUoHNOHรบWLULOHQ LรบOHPOHULQ EHOJHOHQGLULOPHVL ND\GHGLOPHVL YH UDSRUODQPDVร• DรบDPDODUร•QGD RUWD\D oร•NDELOHFHN KDWDODUร•Q |QOHQPHVL YH\D HQ Nร•VD VยUHGH EXOXQPDVร• DPDFร•\OD HWNLQ PXKDVHEH YH ELOJL VLVWHPOHULQH LKWL\Do YDUGร•U $NVL WDNGLUGH UDSRUODUGD YH ND\ร•WODUGD \DSร•ODQ \DQOร•รบOร•NODU EX ELOJLOHULQ KHP \|QHWLFLOHU KHP GH NXUXP Gร•รบร•QGDNL NLรบLOHU WDUDIร•QGDQ DOร•QDFDN NDUDUODUGD NXOODQPDODUร•

KDOLQGH

\DQร•OPD

ULVNLQL

RUWD\D

oร•NDUร•U

'ROD\ร•Vร•\OD

\HWHUOL

PXKDVHEH YH ELOJL VLVWHPOHULQLQ YDUOร•รทร• LรบOHPOHULQ YH ULVNOHULQ HWNLOL \|QHWLPLQL NROD\ODรบWร•UDUDN GRรทUX YH ]DPDQร•QGD UDSRUODPD LoLQ NXOODQร•รบOร• ELU IRUPDWWD ILQDQVDOELOJLKD]ร•UODQPDVร•QD\DUGร•PFร•ROXU

F  รธo GHQHWLP $\Uร• YH EDรทร•PVร•] ELU E|OยP WDUDIร•QGDQ \ยUยWยOHQ NXUXPXQ PDUX] NDOGร•รทร• ULVNOHULQ D]DOWร•OPDVร• YH KHGHIOHULQ JHUoHNOHรบWLULOPHVLQH \|QHOLN ROXรบWXUXODQ Lo NRQWURO VLVWHPOHULQLQ LQFHOHQPHVL YH EX VLVWHPOHULQ HWNLQOLรทL YH YHULPOLOLรทL NRQXVXQGD ยVW \|QHWLPH UDSRU YHULOPHVL VยUHFLQL LoHUHQ ยณNRQWUROVLVWHPOHULQLQNRQWUROยยดRODUDNDGODQGร•Uร•ODELOLUNLEXGD



)LQDQVDOGHQHWLPOHU



.XUXPVDOYH\DIRQNVL\RQHOGHQHWLPOHU



(OHNWURQLNELOJLLรบOHP ('3 GHQHWLPOHULQLNDSVDU

)LQDQVDO GHQHWLPOHU ULVNOHULQ ILQDQVDO NRQWUROOHULQLQ Lo YH Gร•รบ NXUDOODU YH

Gย]HQOHPHOHUOH

X\XPOXOXN

oHUoHYHVLQGH

LQFHOHQPHVLGLU

7HPHO

RGDN

QRNWDVร• LVH LรบOHPOHULQ X\JXQ ELU รบHNLOGH \HWNLOHQGLULOLS ND\GHGLOPHVL YH UDSRUODQPDVร• VDรทODQDUDN NXUXPXQ ELOJL YH PXKDVHEH VLVWHPOHULQLQ Gย]JยQ LรบOHPHVLGLU

 


.XUXPVDO YH\D IRQNVL\RQHO GHQHWLPOHU NXUXPXQ LรบOHPOHULQLQ HWNLQOLรทL YH YHULPOLOLรทLQLQ GHQHWOHQPHVLGLU 3HUIRUPDQV GHQHWLPOHUL RODUDN GD ELOLQLU %X WยU GHQHWLPOHU |]HOOLNOH NRQWUROOHULQ PDOL\HWL ND\QDNODUร•Q GDKD HWNLQ NXOODQร•Pร• LoLQ

IDDOL\HWOHULQ

GDKD

IDUNOร•

ELU

รบHNLOGH

\ยUยWยOยS

\ยUยWยOPH\HFHรทL

YH

IDDOL\HWOHULQNXUDOODUYHGย]HQOHPHOHUHX\JXQOXรทXย]HULQGHRGDNODรบร•U

(OHNWURQLN ELOJL LรบOHP ('3  GHQHWLPOHUL  NXUXP EยQ\HVLQGH \HU DODQ HOHNWURQLN ELOJL LรบOHP VLVWHPOHULQLQ \DSร•Vร• JHOLรบLPL LรบOH\LรบL YH JยYHQOLรทLQLQ GHQHWOHQPHVLGLU NL EX GHQHWLP GH Lo GHQHWLP ELULPLQGH \HU DODQ D\Uร• ELU JUXS WDUDIร•QGDQ\ยUยWยOยU รธo GHQHWLPLQ |QHPOL ELU SDUoDVร• RODQ Lo NRQWURO VLVWHPOHUL QH NDGDU L\L X\JXODQร•\RUVD NXUXPXQ PDUX] NDOGร•รทร• ULVNOHULQ PLQLPL]H HGLOHUHN IDDOL\HW YH\D ELULP ED]ร•QGD YH JHQHO RODUDN NXUXP oDSร•QGD LVWHQLOHQ KHGHIOHUH XODรบร•OPDVร• VDรทODQร•\RU GHPHNWLU %XQD SDUDOHO RODUDN  GHQHWLPH NRQX RODQ IDDOL\HW YH\D ELULP GH GDKD D] Vร•NOร•NWD GHQHWOHQL\RU GHPHNWLU 'ROD\ร•Vร•\OD Lo NRQWURO Lo GHQHWLP Doร•Vร•QGDQ GHรทHUOHQGLULOPHVL JHUHNHQ |QHPOL ELU XQVXU RODUDN\HUDOร•U

รธo.RQWURO6LVWHPLQGH*|UHYYH6RUXPOXOXNODU

g]HOOLNOH JยYHQH GD\DOร• LรบOHY \DSDQ EDQNDFร•Oร•N VHNW|Uย Doร•Vร•QGDQ GHรทHUOHQGLULOGLรทLQGH ELU EDQNDGDNL Lo NRQWURO VLVWHPLQGH VRUXPOXOXN \|QHWLP NXUXOX YH ยVW \|QHWLPGHQ WยP oDOร•รบDQODUD NDGDU EDQNDGDNL KHU VHYL\H\H X]DQร•U 6LVWHP LoLQGH \HU DODQ EDQND \|QHWLP NXUXOX EDQND ยVW \|QHWLPL oDOร•รบDQODU YH Lo GHQHWLP ELULPLQLQ J|UHY YH VRUXPOXOXNODUร• DรบDรทร•GD D\Uร•QWร•Oร• ELU ELoLPGHDoร•NODQPร•รบWร•U %''.<|QHWPHOLNPDGGH   <|QHWLP.XUXOX %DQND \|QHWLP NXUXOX EDQNDQร•Q NRQWURO IDDOL\HWOHULQH LOLรบNLQ |QHPOL VWUDWHML YH SROLWLNDODUร•Q ROXรบWXUXODUDN  RQD\ODQPDVร•QGDQ X\JXODPDVร•QGDQ YH SHUL\RGLN RODUDN LQFHOHQPHVLQGHQ VRUXPOXGXU <|QHWLP NXUXOX Lo NRQWURO VLVWHPLLOHULVN\|QHWLPLVLVWHPLQLQHWNLQOLรทLQHLOLรบNLQNRQXODUGD



%DQNDยVWGย]H\\|QHWLPLLOHGย]HQOLWRSODQWร•ODU\DSPDN

 


รธo



NRQWURO

VยUHFLQH

LOLรบNLQ

EDQND

ยVW

Gย]H\

\|QHWLPLQLQ

7HIWLรบ

.XUXOXยถQXQ Lo NRQWURO PHUNH]L YH ULVN \|QHWLPL JUXEX YH EDรทร•PVร•] Gร•รบ GHQHWLPL

\DSDQ

NXUXOXรบXQ

GHรทHUOHQGLUPHOHULQL

Gย]HQOL

RODUDN

LQFHOHPHN gQHULOHULQ GLNNDWH DOร•Qร•S DOร•QPDGร•รทร•Qร• YH LVWHNOHUH X\XOXS X\XOPDGร•รทร•Qร•



NRQWUROHWPHN %DQNDVWUDWHMLOHUL YHSROLWLNDODUร• LOHPHYFXWULVNVร•Qร•UODUร•Qร•QX\JXQOXรทXQX



SHUL\RGLNRODUDNGHรทHUOHQGLUPHN]RUXQGDGร•U %DQNDhVW'ย]H\<|QHWLPL %DQND ยVW Gย]H\ \|QHWLPL JHQHO PยGยU YH JHQHO PยGยU \DUGร•PFร•ODUร• LOH

ELULQFL

GHUHFH

WDQร•PODQPDNWDGร•U

LP]D

%DQND

\HWNLVLQH ยVW

Gย]H\

VDKLS

E|OยP

\|QHWLPL

Lo

\|QHWLFLOHUL

NRQWURO

RODUDN

IRQNVL\RQXQX

X\JXOD\DFDNRUJDQODUODNRRUGLQHOLELUELoLPGH



<|QHWLP

.XUXOX

WDUDIร•QGDQ

RQD\ODQDQ

Lo

NRQWURO

VWUDWHML

YH

SROLWLNDODUร•Qร•Q\ยUยWยOPHVLQGHQ



%DQNDQร•Q WDรบร•Gร•รทร• ULVNOHULQ WHVSLW HGLOPHVL |OoยOPHVL L]OHQPHVL  YH NRQWURO HGLOPHVL LoLQ JHUHNOL \|QWHP DUDo YH X\JXODPD XVXOOHULQLQ JHOLรบWLULOPHVLQGHQ



รธo NRQWURO VยUHFLQLQ VยUHNOL J|]GHQ JHoLULOPHVL YH JHUHNWLรทLQGH \HQLGHQ \DSร•ODQGร•Uร•OPDVร•QGDQ



8\JXQLoNRQWUROSROLWLND|QHULOHULQLQEHOLUOHQPHVLQGHQ



รธo NRQWURO VLVWHPLQLQ HWNLQOLรทLQLQ VWUDWHML YH SROLWLNDODUD X\JXQOXรทXQXQ L]OHQPHVLQGHQVRUXPOXGXU  dDOร•รบDQODU รธo

NRQWURO

IDUNOร•

VRUXPOXOXNODU

WDรบร•PDNOD

ELUOLNWH

WยP

EDQND

SHUVRQHOLQLQ LoLQGH \HU DOGร•รทร• ELU VLVWHPGLU 7ยP EDQND SHUVRQHOL Lo NRQWUROยQ LรบOHYLQH GRรทUXGDQ \D GD GROD\Oร• RODUDN NDWNร•GD EXOXQDFDN ELOJL ยUHWPHNWHGLU 7ยP

oDOร•รบDQODUร•Q

NHQGL

VRUXPOXOXNODUร•Qร•

\HULQH

JHWLUPHVL

YH

J|UHYOHUL

GROD\ร•Vร•\OD NDUรบร•ODรบWร•NODUร• HWLN NXUDOODUD D\Nร•Uร• X\JXODPDODU YH GLรทHU EDQND VWUDWHMLOHULQH D\Nร•Uร• RODQ \D GD \DVDO ROPD\DQ IDDOL\HWOHU YH EHQ]HUL VRUXQODUร• NXUXP LoL NDQDOODU DUDFร•Oร•รทร• LOH ยVW \|QHWLPH DNWDUPDODUร• HWNLQ ELU Lo NRQWUROยQ

 


VDรทODQPDVร•QGD

|QHP

WDรบร•PDNWDGร•U

%DQND

LoLQGHNL

WยP

oDOร•รบDQODUร•Q

Lo

NRQWUROยQ|QHPLQLDQODPDVร•YHDNWLIRODUDNEXVยUHFHNDWร•OPDVร•HVDVWร•U รธo'HQHWLP%LULPL รธo GHQHWLP ELULPLQLQ VRUXPOXOXรทX \|QHWLFLOHUH YH \|QHWLP NXUXOXQD EDQNDQร•Q Lo NRQWURO VLVWHPLQLQ HWNLQOLรทL YH \HWHUOLOLรทL LOH DOร•QDQ VRUXPOXOXNODUร• WDรบร•PDGD

SHUIRUPDQVร•Q

NDOLWHVL

KDNNร•QGD

ELOJL

VDรทODPD\ร•

WHPHO

DODUDN

GHQHWLPOHUL \HULQH JHWLUPHNWLU รธo GHQHWoLOHU Lo NRQWURO VLVWHPLQLQ HWNLQOLรทLQH NDWNร•GD

EXOXQXUODU

DPD

EX

VLVWHPLQ

NXUXOPDVร•

YH

VยUGยUยOPHVL

VRUXPOXOXรทXQXDOPD]ODUoยQNยEX\|QHWLPLQVRUXPOXOXรทXGXU (WNLQ ELU Lo GHQHWLP EDQND EยQ\HVLQGH EDQNDQร•Q \DSร•Vร•QD X\JXQ \|QWHPOHU oHUoHYHVLQGH Lo NRQWURO VWDQGDUWODUร•Qร•Q KHUNHV WDUDIร•QGDQ HWNLQ ELU รบHNLOGH X\JXODQPDVร•\OD JHUoHNOHรบHFHNWLU *HOHFHN E|OยPGH V|] NRQXVX Lo NRQWUROVWDQGDUWODUร•D\Uร•QWร•Oร•RODUDNDoร•NODQDFDNWร•U

 


hdh1&h%g/h0

ød.21752/67$1'$57/$5,

øo NRQWURO VWDQGDUWODUÕ Lo NRQWURO LoLQ NDEXO HGLOHELOHFHN PLQLPXP G]H\GHNL

NDOLWH\L

EHOLUOHU

YH

Lo

NRQWUROQ

GH÷HUOHQGLULOHFH÷L

ELU

WHPHO

ROXúWXUXU 6|] NRQXVX VWDQGDUWODU NXUXPXQ SURJUDP DPDoOÕ PDOL YH X\XPOD LOJLOL KHU WU LúOHPLQH X\JXODQPDNOD ELUOLNWH NXUDO NR\PD YH SROLWLND EHOLUOHPH NRQXODUÕQD

PGDKDOH

HWPH]

YH

VÕQÕU

NR\PD]ODU

%X

VWDQGDUWODUÕQ

X\JXODQPDVÕ DoÕVÕQGDQ \|QHWLP NXUXPXQ X\JXODPDODUÕ\OD SDUDOHO GHWD\OÕ SROLWLND

SURVHGU

YH

X\JXODPDODU

JHOLúWLUPHNOH

VRUXPOXGXU

øo

NRQWURO

VWDQGDUWODUÕ EHú DQD XQVXUGDQ ROXúXU &RVR 5HSRUW  NRQWURO \DSÕVÕ ULVN GH÷HUOHPHVL

NRQWURO

IDDOL\HWOHUL

ELOJL

YH

KDEHUOHúPH

LOH

L]OHPH

%X

VWDQGDUWODUÕQKHUELULDúD÷ÕGDGHWD\OÕELUELoLPGHVXQXOPXúWXU %N]ùHNLO  



 [  | } v p9 w t w v     t 

    

oqpqr cs r!t uv [ w x!y pKtzp

r w [ A y pqr w v uv9u 1y w x{w

ƒ„ … †„‡ˆ ‰€ŠŒ‹ˆŒ … ˆnŽm ˆ





As v€{r s y s y1{‚   r{t(u





 



cMs v A [ w | s v y ur p r e} r p~ y q 



ùHNLOøo.RQWURO6WDQGDUWODUÕ



ABCDBMEFHJIKEL1F,N!N!NPO Q R S1B?T1O VMWXMO BUY

 


.RQWURO<DSร•Vร•

.RQWURO \DSร•Vร• Lo NRQWUROH LOLรบNLQ \|QHWLPLQ WDYUร• ELOLQoOLOLรทL DWWร•รทร• DGร•PODU YH EXQXQ EDQNDQร•Q NDUรบร•ODรบWร•รทร• ULVNOHULQ \|QHWLPLQGHNL |QHPL RODUDN WDQร•PODQDELOLU *ยoOย NRQWURO \DSร•Vร• \|QHWLFLOHULQ NXUXP LoLQGH L\L \|QHWLPH YHUGLรทL|QHPLLรบDUHWHGHUYHEXGDยVWNDGHPHGHQJHOHQDoร•NVWUDWHMLNGLUHNWLI YH NRQWUROOHUOH J|VWHULOLU 'DOWRQ DQG +LOEHUV V  <|QHWLP YH oDOร•รบDQODU NXUXP LoLQGH Lo NRQWURO YH GยUยVW \|QHWLPH \|QHOLN SR]LWLI YH GHVWHNOH\LFL ELU \DSร• ROXรบWXUPDOร• YH EXQX VยUGยUPHOLGLUOHU .RQWURO SROLWLNDODUร•Qร•Q SHUVRQHOH LOHWLOPHVL \|QHWLPLQ VLVWHPL J|]GHQ JHoLUPHVLQLQ ER\XWODUร• YH EXQD D\ร•UGร•รทร• ]DPDQ \|QHWLPLQ ULVNOHUH NDWODQPDGDNL YH NRQWURO HWPHGHNL \DNODรบร•Pร• YH NXUXP KHGHIOHULQLQ EDรบDUร•OPDVร•QD YHUGLรทL |QHP NRQWURO \DSร•Vร•Qร•Q HWNLQOLรทLQL EHOLUOH\HQ |QHPOL XQVXUODUGร•U .HSHNoL  <|QHWLP NXUXOX YH ยVW \|QHWLP \ยNVHN Gย]H\GH HWLN VWDQGDUWODU JHOLรบWLUPHN YH NXUXP LoLQGH Lo NRQWUROยQ |QHPLQL KHU NDGHPHGH J|VWHUHQ YH YXUJXOD\DQ ELU NยOWยU ROXรบWXUPDNOD VRUXPOXROPDOร•Gร•U.XUXPLoLQGHWยPNDGHPHOHUGHNLSHUVRQHOLoNRQWUROVยUHFL LoLQGHNLUROยQยDQODPDOร•YHEXVยUHFHGDKLOROPDOร•Gร•U %,6 

*ยoOยELUNRQWURO\DSร•Vร•VDรทODPDNLoLQ\DSร•OPDVร•JHUHNHQOHU



.XUXPGD Doร•NoD J|UยรบยOHQ VWUDWHMLN SODQODPD YH EยWoH VยUHFL\OH GHVWHNOHQPLรบNXUXPKHGHIYHSROLWLNDODUร•Qร•QDoร•NELUWDQร•Pร•



*|UHY

YH

VRUXPOXOXNODUร•Q

GDรทร•Oร•Pร•

YH

UDSRUODPD

Vร•UDVร•Qร•

Doร•NoD

WDQร•POD\DQRUJDQL]DV\RQHO\DSร•



.XUXPXQ NDUรบร•ODรบWร•รทร• ULVNOHULQ L\L ELU รบHNLOGH GHรทHUOHQGLULOPHVL YH \ร•OOร•N J|]GHQJHoLULOPHVLQHGD\DOร•ELUULVNNDEXOHWPHSROLWLNDVร•



7ยP LรบOHPOHUL NDSVD\DQ HWNLOL ELU NRQWURO YH GHQHWLP VLVWHPL LoLQ SHUVRQHOLOHKDEHUOHรบPHYHNRQWUROOHUHEDรทOร•Oร•รทร•Q|QHPL



.RQWURO YH Doร•NODPD DPDoOร• ELOJLQLQ \|QHWLPH DNร•รบร•Qร• VDรทOD\DQ \HWHUOL ELOJLYHKDEHUOHรบPHVLVWHPOHUL



<|QHWLPLQ JยoOย ELU NRQWURO VLVWHPLQH LOLรบNLQ WDDKKยGย |UQHรทLQ D\Uร• YH EDรทร•PVร•]ELULoGHQHWLPIRQNVL\RQXQXQGHVWHNOHQPHVLYHNRQWURO

  

 


VLVWHPOHULQLQ GHQHWLP NRPLWHVL WDUDIร•QGDQ Gย]HQOL J|]GHQ JHoLULOPHVL  RODUDNVร•UDODQDELOLU 2OXPOX ELU NRQWURO \DSร•Vร• WยP GLรทHU VWDQGDUWODUร•Q WHPHOLGLU 'LVLSOLQ VDรทODPDVร•Qร•Q \DQร•Vร•UD Lo NRQWUROยQ NDOLWHVLQL GH HWNLOHU .RQWURO \DSร•Vร•Qร• HWNLOH\HQ

IDNW|UOHU

DUDVร•QGD

DรบDรทร•GDNL

XQVXUODU

EXOXQPDNWDGร•U

.RQUDWK 

 <|QHWLFLOHU YH oDOร•รบDQODU WDUDIร•QGDQ VHUJLOHQHQ GยUยVWOยN YH DKODNL GHรทHUOHU .XUXP \|QHWLPL EX DODQGD OLGHUOLN VDรทOD\DUDN |]HOOLNOH NXUXPXQ DKODNL \DSร•Vร•Qร• EHOLUOHPH YH VยUGยUPHGH X\JXQ GDYUDQร•รบODU LoLQ \RO J|VWHUPHGH HWLN ROPD\DQ HรทLOLPOHUL RUWDGDQ NDOGร•UPDGD YH JHUHNWLรทLQGH GLVLSOLQVDรทODPDGDDQDKWDUUROHVDKLSWLU

 <|QHWLPLQ KDN YH  \HWNL NRQXVXQGDNL NDUDUร• 7ยP oDOร•รบDQODU VDGHFH NHQGLOHULQH YHULOHQ J|UHYOHUL \HULQH JHWLUPHN GHรทLO D\Qร• ]DPDQGD L\L ELU Lo NRQWUROยQ JHOLรบWLULOLS X\JXODQPDVร•Qร• VDรทOD\DQ \HWNL Gย]H\LQH VDKLS ROPDOร•Gร•UODU <|QHWLP IDUNOร• J|UHYOHU LoLQ JHUHNVLQLP GX\XODQ X\JXQ ELOJL  YH EHFHULOHUH VDKLS NLรบLOHUL EHOLUOHPHOL YH HรทLWLP VDรทODPDQร•Q \DQร• Vร•UD GยUยVW YH \DSร•Fร•WDYVL\HOHUGHEXOXQXSSHUIRUPDQVGHรทHUOHQGLUPHVL\DSPDOร•Gร•U

 <|QHWLPLQ IHOVHIHVL YH Lรบ VWLOL %X IDNW|U NXUXPXQ DODFDรทร• ULVN GHUHFHVLQL YH \|QHWLPLQ SHUIRUPDQVD GD\DOร• \|QHWLP IHOVHIHVLQL EHOLUOHU 'DKDVร•

\|QHWLPLQ

ELOJL

VLVWHPOHUL

PXKDVHEH

NLรบLVHO

LรบOHPOHU

L]OHPH

GHQHWLPYHGHรทHUOHQGLUPH\H\|QHOLNWDYร•UYHIHOVHIHVLLoNRQWUROยHWNLOHU

 .XUXPXQ RUJDQL]DV\RQHO \DSร•Vร• 2UJDQL]DV\RQHO \DSร• NXUXPXQ KHGHIOHULQH XODรบPDVร•QGD X\JXODPDODUร•Q SODQODQPDVร• \|QHWLOPHVL YH NRQWUROย LoLQ ELU oHUoHYH VXQDU  รธ\L ELU Lo NRQWURO \DSร•Vร• NXUXPXQ RUJDQL]DV\RQHO \DSร•Vร•Qร•Q WHPHO \HWNL YH VRUXPOXOXN DODQODUร•Qร• Doร•NoD EHOLUOHGLรทL YH X\JXQ UDSRUODPDQร•QVDรทODQGร•รทร•ELU\DSร•JHUHNWLULU  .XUXP LoLQGH \HWNL YH VRUXPOXOXNODUร•Q GDรทร•Wร•OPD ELoLPL .XUXPXQ VRUXPOXOXN YH \HWNL DODQODUร•QD J|UH D\Uร•OPDVร• NRQWURO YH KHVDS YHULOHELOLUOLN Doร•Vร•QGDQ ELU WHPHO ROXรบWXUGXรทX JLEL oDOร•รบDQODUร•Q UROOHULQL GH EHOLUOHU

 


 รธQVDQ VHUPD\HVL SROLWLNDODUร• YH X\JXODPDODUร• รธQVDQ VHUPD\HVL SROLWLNDODUร• YH X\JXODPDODUร• NXUXPD SHUVRQHO DOร•QPDVร• SHUVRQHOLQ HรทLWLPL GHรทHUOHQGLULOPHVL WDYVL\HOHUGH EXOXQPD WHรบYLN WHUIL YH SHUVRQHOLQ GLVLSOLQH HGLOPHVLQH\|QHOLNX\JXODPDODUร•NDSVDU

 .XUXPXQ <|QHWLP .XUXOX YH GLรทHU NXUXOXรบODUOD LOLรบNLOHUL รธo NRQWURO VLVWHPL NXUXP LoLQGH HQ ยVW NDGHPHGHQ HQ DOW NDGHPH\H NDGDU oDOร•รบDQ EยWยQ SHUVRQHOL LOJLOHQGLUGLรทLQGHQ NXUXP LoL LOLรบNLOHU  L\L ELU Lo NRQWURO \DSร•Vร•Qร•Q

ROXรบWXUXOPDVร•QGD

|QHPOLGLU

%XQXQ

\DQร•QGD

NXUXPXQ

GLรทHU

NXUXOXรบODUOD RODQ ELOJL DOร•รบYHULรบL Lรบ LOLรบNLVL NXUXP Gร•รบร• LOLรบNLOHULQ NXUXP LoL LOLรบNLOHUNDGDU|QHPOLROGXรทXQXJ|VWHUPHNWHGLU

g]HWOH L\L ELU Lo NRQWUROยQ |QHPLQL YXUJXOD\DQ \|QHWLP IHOVHIHVL NXUXP LoLQGH KHU VHYL\HGH VLVWHPL JยoOHQGLUHFHN ELU NRQWURO ELOLQFL YH NRQWURO \DSร•Vร•\DUDWร•U

5LVN'HรทHUOHPHVL

5LVN GHรทHUOHPHVL NXUXP KHGHIOHULQH XODรบร•OPDVร•QGD PDUX] NDOร•QDQ ULVNOHULQ EHOLUOHQPHVL DQDOL]L YH ULVNOHULQ QDVร•O \|QHWLOHFHรทLQL EHOLUOHPHGH ELU WHPHO ROXรบWXUXOPDVร•Gร•U .RQUDWK   7DQร•PGDQ GD DQODรบร•ODFDรทร• ย]HUH ULVN GHรทHUOHPHVLQLQ|QรบDUWร•Doร•NYHWXWDUOร•NXUXPKHGHIOHULQLQROPDVร•Gร•U

%HOLUOHQHQ

DPDoODU

YH

KHGHIOHULQ

EDรบDUร•OPDVร•

ULVN

DOPDNVร•]ร•Q

JHUoHNOHรบHPH\HFHรทLQGHQ YH Lo NRQWURO VLVWHPOHUL QH NDGDU L\L X\JXODQร•\RU ROXUVDROVXQRUWDGDQNDOGร•Uร•ODPD\DFDNYH\D|QJ|UยOHPH\HQELUWDNร•PULVNOHUOH NDUรบร•ODรบร•ODFDรทร•QGDQ \|QHWLP Lo YH Gร•รบ IDNW|UOHUL J|]|QยQH DODUDN ULVNOHUL NDSVDPOร• รบHNLOGH EHOLUOHPHOLGLU %X NULWLN DรบDPD NXUXPX oRN L\L WDQร•PD\ร• YH NXUXP KDNNร•QGD ELOJL VDKLEL ROPD\ร• JHUHNWLULU $NVL WDNGLUGH EHOLUOHQHPH\HQ RODVร• ULVNOHU JHUHNOL |QOHPOHU DOร•QPDGร•รทร•QGD EHNOHQPHGLN VRQXoODUD \RO DoDELOLU

5LVN

GHUHFHOHQGLUPH

EHOLUOHPH DNWLYLWHOHUL

PHWRGODUร• \|QHWLP

SODQODPD GHQHWLP

YH

DOร•QPDVร•

.XOODQร•ODQ

\HU

DOร•U

DUDVร•QGD

QLWHOLNVHO

NRQIHUDQVODUร•

WDKPLQL

YH

VD\ร•VDO

YH

VWUDWHMLN

GLรทHU GHรทHUOHPHOHUGHQ DOร•QDQ VRQXoODUร•Q GLNNDWH VSHVLILN

ULVN

DQDOL]

PHWRGODUร•

WDรบร•Gร•NODUร•

PLV\RQODUร•Q IDUNOร• ROPDVร• VD\ร•VDO YH QLWHOLNVHO ULVN VHYL\HOHULQL EHOLUOHPHGH

 


RUWD\D

oร•NDELOHFHN

HNRQRPLN

JยoOยNOHU QHGHQL\OH NXUXPD J|UH GHรทLรบHELOLU $\Uร•FD

HQGยVWUL\HO

GHรทLรบLNOLNOHUOH

RUWD\D

YH

Gย]HQOH\LFL

oร•NDELOHFHN

NRรบXOODU

ULVNOHUL

VยUHNOL

GHรทLรบWLรทLQGHQ

EHOLUOH\HFHN

YH

EX

|QOH\HFHN

PHNDQL]PDODUROPDOร•Gร•U

5LVNOHU EHOLUOHQGLNWHQ VRQUDPXKWHPHOHWNLOHULDQDOL]HGLOPHOLGLU5LVN DQDOL]L ULVNLQ |QHPLQL WDKPLQ RUWD\D oร•NPD RODVร•Oร•รทร•Qร• GHรทHUOHQGLUPH ULVNLQ QDVร•O \|QHWLOHFHรทLQH YH QDVร•O |QOHPOHU DOร•QDFDรทร•QD NDUDU YHUPH DรบDPDODUร•Qร• LoHULU %,6  5LVNOHULQ EHOLUOHQPHVL YH DQDOL] HGLOPHVLQGH RUWD\D oร•NDQ JยoOยN ELUELUOHUL\OH NROD\Oร•NOD Nร•\DVODQDPD\DFDN ULVN oHรบLWOHULQLQ ROPDVร•Gร•U .UHGL ULVNL OLNLGLWH ULVNL IDL] RUDQร• ULVNL SL\DVD ULVNL RSHUDV\RQHO ULVN LWLEDU ULVNL \DVDODUGDQ ND\QDNODQDELOHFHN ULVN Gย]HQOHPHOHUH X\XOPDPD ULVNL WUDQVIHU ULVNL YH LQVDQ ND\QDNODUร• ULVNL JHQHO DQODPGD NXUXPODUร•Q J|]|QยQGH EXOXQGXUPDVร•JHUHNHQULVNoHรบLWOHULGLU

.XUXPODUร•Q

FDUL

RODUDN

WDรบร•Gร•NODUร•

ULVNOHU

LOH

LOHULGH

PDUX]

NDODELOHFHNOHUL ULVNOHU LoLQ \HWHUOL YH Gย]HQOL  ULVN |OoยP NRQWURO YH \|QHWLP WHNQLNOHULQH VDKLS ROPDODUร• JHUHNLU  5LVNOHU JHQHOOLNOH LNL \|QGHQ GHรทHUOHQLU 5LVNLQ RUWD\D oร•NPD RODVร•Oร•รทร•  YH HรทHU ULVNH PDUX] NDOร•Qร•UVD EXQXQ LรบOHPOHU ILQDQVDO UDSRUODPD YH VWUDWHMLOHU ย]HULQGHNL HWNLVL .LQQH\   %D]ร• ULVNOHU VยUHNOL

GHรทLONHQ

RODVร•Oร•รทร•QD J|UH

ED]ร•ODUร•

GD

LOJLOL

IDDOL\HWLQ

RODVร•

VRQXoODUร•

YH

ROXรบPD

VยUHNOLOLN J|VWHUHELOLUOHU %X QHGHQOH ULVNOHULQ L\L DQDOL]

HGLOPHVL ULVN RODVร•Oร•รทร• \ยNVHN YH HรทHU JHUoHNOHรบLUVH HWNLVLQLQ GH Eย\ยN RODFDรทร• IDDOL\HWOHULQ \DNร•QGDQ WDNLS HGLOPHVL EX IDDOL\HWOHUH \|QHOLN GDKD Vร•Nร• NRQWURO PHNDQL]PDODUร•Qร•Q ROXรบWXUXOPDVร•  YH V|]NRQXVXDODQODUGDNLGHQHWLPLQ GHVร•NODรบWร•Uร•OPDVร•JHUHNLU

5LVN GHรทHUOHPHVLQGH GLรทHU |QHPOL XQVXU ULVNH LOLรบNLQ QDVร•O |QOHPOHU DOร•QDFDรทร•QD NDUDU YHULOPHVLGLU .XUXP ยVW \|QHWLPL WHVSLW HGLOHQ KHU ULVN LoLQ ULVNJHWLUL RUDQร•Qร• NDUรบร•ODรบWร•UPDOร•Gร•U %D]ร• ULVNOHULQ RODVร•Oร•N YH HWNLOHUL R NDGDU GยรบยNWยU NL ULVNJHWLUL LOLรบNLVL NDEXO HGLOHELOLU VHYL\HGHGLU $NVLQH ED]ร• ULVNOHULQ RODVร•Oร•รทร• YH HWNLVL R NDGDU \ยNVHN VHYL\HGHGLU NL NXUXPXQ ULVN Vร•Qร•UODUร•Qร• DรบWร•รทร•QGDQ NDEXO HGLOHPH]OHU  .XUXP ยVW \|QHWLPL EX NRรบXOODUD J|UH ULVNOHUL NDEXO HWPH ULVNWHQ NDoร•QPD YH\D ULVNL D]DOWPD \|QยQGH NDUDU YHUPHOLGLU %X DรบDPDGD NRQWURO IDDOL\HWOHULQLQ GH UROย Eย\ยNWยU g]HOOLNOH ULVNWHQ NDoร•QPD YH

 


ULVNL D]DOWPD\D \|QHOLN JLULรบLPOHUGH NRQWURO SURVHGยUOHULQLQ HWNLQ ELU รบHNLOGH X\JXODQร•\RU

ROPDVร•

Lo

GHQHWLPH

NDWNร•

VDรทODPDVร•Qร•Q

\DQร•Vร•UD

NXUXPXQ

KHGHIOHULQHXODรบPDVร•Doร•Vร•QGDQGD|QHPOLGLU

.RQWURO)DDOL\HWOHUL

.RQWUROIDDOL\HWOHUL\|QHWLPWDUDIร•QGDQEHOLUOHQHQSROLWLNDSURVHGยUYH WHNQLNOHULQ

X\JXODQPDVร•Qร•

6FKDOOHU 

รธo

LIDGH

NRQWURO

HGHU

IDDOL\HWOHUL

&DUPLFKDHO \|QHWLPLQ

:LLOLQJKDP

GLUHNWLIOHULQLQ

DQG

\HULQH

JHWLULOPHVLQL VDรทODU YH ULVNOHUL EHOLUOHPHN LoLQ DOร•QDQ |QOHPOHUH \DUGร•PFร• ROXU รธo NRQWURO IDDOL\HWOHUL NXUXPXQ KHU VHYL\HVLQGH YH IRQNVL\RQXQGD RUWD\D oร•NDU YH RQD\ \HWNL GRรทUXODPD PXWDEDNDW SHUIRUPDQV GHรทHUOHQGLUPH JยYHQOLรทL VDรทODPD YH G|NยPDQODUร•Q ND\GHGLOPHVL JLEL  ELU GL]L  DNWLYLWH\L LoHULU $\Uร•FD SODQODPD X\JXODPD J|]GHQ JHoLUPH HWNLOL VRQXoODUD XODรบPD YH ND\QDNODUร•Q NXOODQร•Pร•QGDVRUXPOXOXNDoร•Vร•QGDQGD|QHPDU]HGHU

.RQWURO IDDOL\HWOHUL JยQOยN NXUXP IDDOL\HWOHULQLQ D\Uร•OPD] ELU SDUoDVร• ROPDOร•Gร•U <|QHWLP KHU NDGHPHGH NRQWURO IDDOL\HWOHULQL WDQร•POD\DUDN HWNLQ Lo NRQWURO VDรทODPDN LoLQ X\JXQ NRQWURO \DSร•Vร• EHOLUOHPHOLGLU %ยWยQ NXUXOXรบODU LoLQ RUWDN RODQ EHOLUOL NRQWURO IDDOL\HW NDWHJRULOHUL EXOXQPDNWDGร•U %XQODUD LOLรบNLQ |UQHNOHUDรบDรทร•GDYHULOPLรบWLU

3HUIRUPDQVร•Q ยVW VHYL\HGH GHรทHUOHQGLULOPHVL <|QHWLP NXUXPXQ EDรบDUร•ODUร•Qร•

L]OHPHOL

YH

EXQODUร•

SODQ

YH

KHGHIOHUOH

NDUรบร•ODรบWร•UPDOร•Gร•U

.DUรบร•ODรบWร•UPD VRQXFXQGD SODQ YH KHGHIOHULQ JHUoHNOHรบLS JHUoHNOHรบPHGLรทLQL GHรทHUOHQGLUPHOL KHGHIOHUH XODรบร•ODPDPDVร• GXUXPXQGD QHGHQOHULQL DUDรบWร•UDUDN JHUHNOL |QOHPOHUL DOร•S Lo NRQWURO VLVWHPLQLQ HWNLQOLรทLQL DUWร•UPD\D \|QHOLN |QHULOHUGHEXOXQPDOร•YHVWUDWHMLOHUEHOLUOHPHOLGLU

)RQNVL\RQHO

YH\D

IDDOL\HW

Gย]H\LQGH

\|QHWLP

WDUDIร•QGDQ

GHรทHUOHQGLUPH <|QHWLFLOHU GH SODQODQDQ YH EHNOHQHQ VRQXoODUOD R DQNL SHUIRUPDQVร• IDUNOร•Oร•NODU

NDUรบร•ODรบWร•UPDOร•Gร•U

YDUVD

QHGHQ

YH

EHOOL

IDUNOร•Oร•NODUร•

ND\QDNODQGร•รทร•Qร•

WHVSLW

DQDOL] HWPHOL

HWPHOLGLU YH

(รทHU

IDUNOร•Oร•NODUร•Q

JLGHULOPHVL LoLQ \DSร•OPDVร• JHUHNHQOHU NRQXVXQGD ยVW \|QHWLPOH ILNLU DOร•รบYHULรบL LoLQGH ROPDOร•Gร•U hVW \|QHWLPOH \DSร•ODQ J|UยรบPHOHU VRQXFX EHOLUOHQHQ SROLWLND

 


YH VWUDWHMLOHU GRรทUXOWXVXQGD GD X\JXODQDFDN NRQWURO IDDOL\HWOHULQL Gย]HQOL ELU รบHNLOGHL]OHPHOLGLU

รธQVDQVHUPD\HVLQLQ\|QHWLPL.XUXPLรบJยFยQยQยฑLQVDQVHUPD\HVL HWNLOL \|QHWLPL VRQXFD XODรบPDN LoLQ JHUHNOLGLU YH Lo NRQWUROยQ |QHPOL ELU SDUoDVร•Qร• ROXรบWXUXU <|QHWLP LQVDQ VHUPD\HVLQL PDOL\HWWHQ oRN YDUOร•N RODUDN GHรทHUOHQGLUPHOLGLUรธรบLoLQGRรทUXSHUVRQHODOร•Qร•SGRรทUXHรทLWLPDUDoODUVLVWHP WHรบYLN YH VRUXPOXOXN VDรทODQGร•รทร•QGD RSHUDV\RQHO EDรบDUร•PยPNยQGยU<|QHWLP NDOLIL\H

HOHPDQ

KHGHIOHULQH

LKWL\DFร•Qร•

XODรบPDVร•QGD

VยUHNOL

RODUDN

LVWHQHQ

GHรทHUOHQGLUPHOL

QLWHOLNOHUOH

X\XรบDQ

YH

NXUXPXQ

LรบJยFยQย

WHPLQ

HGHELOPHOLGLU 'HรทLรบHQ NXUXP LKWL\DoODUร•Qร• NDUรบร•ODPDN LoLQ HรทLWLP KHU VHYL\HGH ROPDOร•Gร•U รธo NRQWURO KHGHIOHULQLQ JHUoHNOHรบPHVL LoLQ QLWHOLNOL YH VยUHNOL GHQHWLP VDรทODQPDOร•Gร•U $\Uร•FD oDOร•รบDQODUร•Q SHUIRUPDQVODUร•\OD NXUXP EDรบDUร•Vร• LOLรบNLVLQL DQODPDODUร•

Doร•Vร•QGDQ

HWNLOL

ELU

|GยO

VLVWHPL

WDUDIร•QGDQ

GHVWHNOHQHQ

SHUIRUPDQV GHรทHUOHQGLUPHVL \DSร•OPDOร•Gร•U  รธQVDQ VHUPD\H SODQODPDVร•Qร•Q ELU SDUoDVร• RODUDN \|QHWLP GHรทHUOL HOHPDQODUร•Qร• ND\EHWPHPHOL YH LKWL\Do GX\XODQ NDOLIL\HHOHPDQร•QGHYDPOร•Oร•รทร•Qร•VDรทODPDOร•Gร•U

%LOJLQLQ NRQWUROย %LOJL VยUHFLQGH oHรบLWOL NRQWURO DNWLYLWHOHUL NXOODQร•Oร•U %X

DNWLYLWHOHU

JLULOHQ

YHULOHULQ

NRQWUROย

LรบOHPOHULQ

PXKDVHEHVL

GRV\D

WRSODPODUร•Qร• NRQWURO KHVDSODUร•\OD NDUรบร•ODรบWร•UPD YH YHUL GRV\D YH SURJUDPODUD JLULรบLQNRQWUROยRODUDNVร•UDODQDELOLU

9DUOร•NODULoLQIL]LNVHONRQWURO9DUOร•NODUร•QNRUXQPDVร•YHJยYHQOLรทLLoLQ IL]LNVHO NRQWURO ROXรบWXUXOPDOร•Gร•U %XQODU GD QDNLW PHQNXO Nร•\PHW HQYDQWHU JLEL ND\EROPD ULVNL RODQ YH\D \HWNLVL] NXOODQร•PD Doร•N YDUOร•NODUร•Q JยYHQOLรทLQL LoHULU %X

WยU

YDUOร•NODU

Gย]HQOL

RODUDN

VD\ร•OPDOร•

YH

NRQWURO

ND\ร•WODUร•\OD

NDUรบร•ODรบWร•Uร•OPDOร•Gร•U

3HUIRUPDQV |OoยPOHULQLQ YH J|VWHUJHOHULQLQ ROXรบWXUXOPDVร• YH GHรทHUOHQGLULOPHVL 3HUIRUPDQV |OoยPOHULQL YH J|VWHUJHOHULQL L]OHPHN LoLQ X\JXODPDODUD LKWL\Do YDUGร•U %X X\JXODPDODU JHUHNOL |QOHPOHULQ DOร•QDELOPHVL Doร•Vร•QGDQ

ELUELULQGHQ

IDUNOร•

YHUL

VHWOHULQLQ

NDUรบร•ODรบWร•Uร•OPDVร•

GHรทHUOHQGLULOPHVLQLLoHULU%|\OHFHDQDOL]OHU\DSร•Oร•SJHUHNOLDGร•PODUDWร•ODELOLU

 

YH


*|UHY GDรทร•Oร•Pร• <|QHWLP X\JXQ J|UHY GDรทร•Oร•Pร•Qร• YH SHUVRQHOH oDNร•รบDQ

VRUXPOXOXNODU

YHULOPHPHVLQL

VDรทODPDOร•Gร•U

3RWDQVL\HO

oDWร•รบPD

DODQODUร• EHOLUOHQPHOL PLQLPL]H HGLOPHOL YH GLNNDWOLFH L]OHQPHOLGLU $\Uร•FD KDWD YH\D KLOH ULVNLQL D]DOWPDN LoLQ WHPHO J|UHY YH VRUXPOXOXNODU IDUNOร• NLรบLOHU DUDVร•QGD GDรทร•Wร•OPDOร•Gร•U %XQODU GD LรบOHPOHUH \HWNL YHULOPHVL LรบOHQPHVL YH ND\GHGLOPHVL YH J|]GHQ JHoLULOPHVLQL LoHULU 7HN EDรบร•QD KLo NLPVH ELU LรบOHPL EDรบWDQVRQDNRQWUROHWPHPHOLGLU

รธรบOHPOHULQ WDP YH Gย]JยQ JHUoHNOHรบPHVL รธรบOHPOHU \HWNLOHUL LoLQGH KDUHNHW HGHQ NLรบLOHU WDUDIร•QGDQ RQD\ODQPDOร• YH VRQXoODQGร•Uร•OPDOร•Gร•U %X GXUXP LรบOHPOHULQ \HWNL YH VRUXPOXOXN YHULOHQ NLรบLOHU WDUDIร•QGDQ \DSร•OGร•รทร• NRQXVXQGD

JยYHQFH

VDรทODU

<HWNLOHU

NRQXVXQGD

|QHPOL

ELU

QRNWD

GD

\HWNLOHQGLUPHOHULQ\|QHWLFLOHUHYHoDOร•รบDQODUDDoร•NELUELoLPGHGX\XUXOPDVร•Gร•U

รธรบOHPOHULQ WDP YH ]DPDQร•QGD ND\GHGLOPHVL .DUDU DOร•UNHQ YH\D LรบOHPOHULQ NRQWURO DรบDPDVร•QGD LรบOHPOHU GRรทUX ELU รบHNLOGH ND\GHGLOPHOLGLU %X X\JXODPD LรบOHPLQ EDรบODQJร•o DรบDPDVร•QGDQ RQD\D NDGDU RODQ VยUHFL LoHULU %X DรบDPDGD

NRQWURO

DNWLYLWHOHUL

WยP

LรบOHPOHULQ

WDP

YH

GRรทUX

ELoLPGH

ND\GHGLOPHVLQLVDรทODUODU

.D\QDNODU YH ND\ร•WODU LoLQ JLULรบ Vร•Qร•UODPDODUร• YH VRUXPOXOXNODU .D\QDNODUD YH ND\ร•WODUD JLULรบ \HWNLOL NLรบLOHUOH Vร•Qร•UODQGร•Uร•OPDOร•Gร•U YH NXOODQร•Pร• LoLQ VRUXPOXOXN VDรทODQPDOร•Gร•U +DWD KLOH  \DQOร•รบ YH\D \HWNLVL] NXOODQร•P ULVNLQL D]DOWPDNLoLQSHUL\RGLNRODUDNND\QDNODUND\ร•WODUODNDUรบร•ODรบWร•Uร•OPDOร•Gร•U

รธรบOHPOHULQ X\JXQ G|NยPย YH Lo NRQWURO .RQWUROOHU YH WยP LรบOHPOHU Doร•NoD GRV\DODQPDOร• YH G|NยPOHU LQFHOHQPH\H KD]ร•U ROPDOร•Gร•U '|NยPOHU \|QHWPHOLNOHUGH \|QHWLP SROLWLNDODUร•QGD  \HU DOPDOร• NDรทร•W YH\D HOHNWURQLN RUWDPGDVDNODQPDOร•Gร•UODU

%LU NXUXPXQ Lo NRQWUROย R NXUXPXQ VSHVLILN LKWL\DoODUร•Qร• NDUรบร•ODPDN EDNร•Pร•QGDQ NRQWURO IDDOL\HWOHULQLQ WDVDUODQPDVร•QD RODQDN VDรทOD\ร•Fร• HVQHNOLNWH ROPDOร•Gร•U

<XNDUร•GD

|UQHNOHUL

YHULOHQ

NRQWURO

IDDOL\HWOHUL

SHN

oRN

IDNW|U

QHGHQL\OH NXUXPGDQ NXUXPD IDUNOร•Oร•N J|VWHUHELOLU %X IDNW|UOHU DUDVร•QGD NXUXPODUร•Q

PDUX]

NDOGร•NODUร•

ULVNOHU

KHGHIOHUGHNL

IDUNOร•Oร•NODU

NXUXPXQ

Eย\ยNOยรทย YH NDUPDรบร•NOร•รทร• IDDOL\HWOHUH LOLรบNLQ oHYUH NRรบXOODUร• YHULOHULQ JL]OLOLรทL

 


YH |QHPL LOH VLVWHPLQ JยYHQLUOLOLรทL YH SHUIRUPDQVร•QD \|QHOLN JHUHNOLOLNOHU VD\ร•ODELOLU

%LOJLYH+DEHUOHรบPH

%LOJL

YH

KDEHUOHรบPH

VLVWHPOHUL

Lo

NRQWURO

VLVWHPLQLQ

WHPHO

|รทHOHULQGHQGLU %LU NXUXPXQ GHYDPOร•Oร•รทร• YH LรบOHPOHULQLQ NRQWUROย LoLQ Lo YH Gร•รบ ROD\ODUD LOLรบNLQ X\JXQ JยYHQLOLU YH ]DPDQOร• KDEHUOHรบPH YH ELOJL VLVWHPOHULQLQ YDUOร•รทร•

JHUHNOLGLU

%LOJL

YH

KDEHUOHรบPH

VLVWHPOHUL

NXUXPGD

KHGHIOHULQ

DPDoODUร•Q NRQWUROOHULQ YH VRUXPOXOXNODUร•Q DQODWร•OPDVร•Qร•  YH NXUXPXQ WXWXPX SHUIRUPDQVร•

YH

GXUXPX

KDNNร•QGD

\|QHWLPH

UDSRU

YHULOPHVLQL

VDรทODUODU

%,6 

&262

5DSRUXQD

 

J|UH

ELOJL

VLVWHPOHULQLQ

GHรทHUOHQGLULOPHVLQGH|QHPOLG|UWXQVXUYDUGร•U



.XUXP LoL YH Gร•รบร• ELOJLOHUH XODรบร•OPDVร• YH KHGHIOHUH LOLรบNLQ NXUXP SHUIRUPDQVร•KDNNร•QGDJHUHNOLUDSRUODUร•QยVW\|QHWLPHLOHWLOPHVL



6RUXPOXOXNODUร•Q HWNLOL YH HWNLQ ELU รบHNLOGH \HULQH JHWLULOPHVL LoLQ GRรทUX NLรบL\H\HWHUOLYH]DPDQร•QGDELOJLVXQXOPDVร•



*HUHNWLรทLQGHELOJLVLVWHPOHULQLQJHOLรบWLULOPHVLYH\DJ|]GHQJHoLULOPHVL



%LOJLVLVWHPOHULQLQJHOLรบWLULOPHVLQH\|QHOLN\|QHWLPLQGHVWHรทL

.XUXPXQ RUJDQL]DV\RQ \DSร•Vร• LoLQGH ELOJLQLQ \XNDUร•GDQ DรบDรทร•\D DรบDรทร•GDQ

\XNDUร•\D

SHUVRQHOLQH

YH

\DWD\

XODรบDFDN

ROXรบWXUXOPDOร•Gร•U

.XUXP

ROPDN

รบHNLOGH LoL

ย]HUH WยP

DNร•รบร•

KDEHUOHรบPH

\|QHWLP NDGHPHOHUL

VDรทODQDUDN Gร•รบร•QGD

HWNLOL

YH

KDEHUOHรบPH

NXUXPXQ

KHGHIOHULQH

XODรบPDVร•QGD Gร•รบDUร•GDQ ELOJL DOPDQร•Q GD |QHPOL ELU HWNLVL YDUGร•U %LOJL NXUXP LoLQGHRQDLKWL\DFร•RODQODUWDUDIร•QGDQYHEHOOLELUIRUPGDYH]DPDQGDLoNRQWURO YH

GLรทHU

VRUXPOXOXNODUร•

oDOร•รบDQODU ND\QDNODUร•Q SHUIRUPDQV

WDUDIร•QGDQ HWNLOL

YH

WDรบร•PD\D

\DUGร•PFร•

SD\ODรบร•OPDOร• HWNLQ

SODQODUร•Qร•Q

YH

NXOODQร•Pร•Qร•Q

JHUoHNOHรบLS

RODFDN

รบHNLOGH

ND\GHGLOPHOLGLU YH

NXUXPXQ

\|QHWLP

<|QHWLFLOHULQ

VWUDWHMLN

JHUoHNOHรบPHGLรทLQL

YH

YH

EHOLUOHPHN

\ร•OOร•N LoLQ

RSHUDV\RQHO YH ILQDQVDO ELOJL\H LKWL\DoODUร• YDUGร•U g]HOOLNOH ILQDQVDO ELOJL\H XODรบร•OPDVร• Doร•Vร•QGDQ VDรทODP ELU PXKDVHEH VLVWHPLQLQ ROPDVร• EX VLVWHP WDUDIร•QGDQยUHWLOHQILQDQVDOELOJLQLQJยYHQLOLUROPDVร•Qร•VDรทODU

 


.XUXP

ยVW

\|QHWLPL

WยP

SHUVRQHOLQ

J|UHY

YH

VRUXPOXOXรทXQX

HWNLOH\HQ SROLWLND YH SURVHGยUOHUGHQ KDEHUGDU ROPDVร•Qร• YH LOJLOL ELOJLOHULQGRรทUX SHUVRQHOH

XODรบPDVร•Qร•

VDรทOD\DFDN

HWNLOL

LOHWLรบLP

NDQDOODUร•

ROXรบWXUPDOร•Gร•U

(OHNWURQLN SRVWD WRSODQWร•ODU NRQIHUDQVODU VHPLQHUOHU JLEL SHN oRN LOHWLรบLP NDQDOร• ROPDNOD ELUOLNWH HQ HWNLOL YH X\JXQ LOHWLรบLPLQ VHoLOPHVL ELOJLQLQ DFLOL\HWL |QHPL JL]OLOLรทL YH GLรทHU LOHWLรบLP \ROODUร•QD J|UH PDOL\HWLQLQ GHรทHUOHQGLULOPHVL\OH WHVSLW HGLOPHOLGLU 7UHDVXU\ 1HZ 6RXWK :DOHV   $\Uร•FD \|QHWLPLQ IDDOL\HWOHUL VยUHNOL L]OH\HELOPHVL YH JHUHNWLรทLQGH X\JXQ NDUDUODU DODELOPHVL LoLQ ELOJLOHULQ JยYHQLOLU GRรทUX YH ]DPDQร•QGD LรบOHQLS UDSRUODQPDVร• GD |QHPOL ELU XQVXUGXU %LOJLOHUL LรบOHPH VDNODPD YH GDรทร•Wร•OPDVร•QGD NXOODQร•ODQ HOHNWURQLN YHULLรบOHPHVLVWHPOHULQLQJLGHUHNDUWPDVร•KDEHUOHรบPH\HDYDQWDMODUJHWLUVHGH ELOJL JยYHQOLรทLQLQ YH EยWยQOยรทยQยQ VDรทODQPDVร• LoLQ ELU GL]L VSHVLILN NRQWUROOHU JHUHNPHNWHGLU

g]HOOLNOH ILQDQVDO NHVLP Doร•Vร•QGDQ EDQNDODUร•Q IDDOL\HWOHULQLQ NHVLQWLVL] \ยUยWยOPHVL

YH

RODVร•

]DUDUODUร•Q

|QOHQPHVL

DPDFร•\OD

HOHNWURQLN

ELOJL

VLVWHPOHULQLQWDรบร•Gร•รทร•ULVNOHULQHWNLQRODUDNNRQWUROHGLOPHVLJHUHNLU%DQNDODUร•Q ELOJL LรบOHP VLVWHPOHUL oHรบLWOL IRQNVL\RQODU LoLQ NXOODQร•ODELOHQ ROGXNoD JHOLรบPLรบ VLVWHPOHU ROPDNOD EHUDEHU WDรบร•Gร•NODUร• ULVN XQVXUODUร• GD  Eย\ยNWยU 'ROD\ร•Vร•\OD HOHNWURQLN IRUPDWWD YHUL WXWDQ YH NXOODQDQ EX VLVWHPOHULQ JยYHQOL ROPDVร• Doร•Vร•QGDQ JHQHO NRQWUROOHU YH X\JXODPD\D \|QHOLN |]HO NRQWUROOHULQ \DSร•OPDVร• JHUHNLU *HQHO NRQWUROOHU DQD ELOJLVD\DU NLรบLVHO ELOJLVD\DU Dรท VLVWHPL JLEL EยWยQ ELOLรบLPVLVWHPOHULQGHX\JXODQร•U%XWยUNRQWUROOHUNXUXP|OoHNOLJยYHQOLN SURJUDPร•Qร•Q

SODQODPDVร•Qร•

\|QHWLPLQL

PHUNH]L

YHUL

LรบOHPOHUL

DUDFร•Oร•รทร•\OD

NRQWUROยQย VLVWHP \D]ร•Oร•Pร•Qร•Q WHPLQLQL PXKDID]DVร•Qร• YH JยYHQOLN HULรบLPLQL NDSVDU g]HO NRQWUROOHU LVH \ยUยWยOHQ SURMHOHU LoLQ \DSร•ODQ \HWNLOHQGLUPHOHU LQFHOHPHOHU WHVWOHU IDDOL\HWLQ VLVWHP LoLQH \HUOHรบWLULOPHVLQGHQ |QFH \DSร•ODQ KD]ร•UOร•NODU JยYHQOL

YH

ELU

GHรทLรบLNOLN

ELoLPGH

IDDOL\HWOHULQLQ

ROXรบWXUXOPDVร•

RQD\ODQPDVร• YH

PHYFXW

JLEL \HQL

VLVWHPOHULQ

VLVWHPOHUGH

GHรทLรบLNOLN

\DSร•OPDVร•Qร•LoHUHQNRQWUROOHUGLU

(NVLNVL] YH GRรทUX ELOJL LรบOHPHQLQ VDรทODQPDVร• LoLQ LNL WยU NRQWUROH GH LKWL\Do YDUGร•U %LOLรบLP WHNQRORMLVLQGHNL Kร•]Oร• GHรทLรบLNOLNOHU X\JXODQPDVร• JHUHNHQ NRQWUROOHUL

GHรทLรบWLUVH

GH

NRQWUROH

GX\XODQ

 

WHPHO

JHUHNVLQLP

|QHPLQL


NRUXPDNWDGร•U 'DKDVร• HWNLQ ELOJL WHNQRORMLVL \DUDUOร• YH JยYHQLOLU ELOJL\H XODรบร•OPDVร• ND\ร•WODUร•Q VยUHNOLOLN WHPHOLQGH \DSร•OPDVร• YH ELOJLQLQ LOHWLOPHVL EDNร•Pร•QGDQEย\ยN|QHPWDรบร•PDNWDGร•U

รธ]OHPH

รธ]OHPH Lo NRQWURO VLVWHPLQLQ SHUIRUPDQVร•Qร• GHรทHUOHQGLUPH VยUHFL RODUDNWDQร•PODQร•U &KDUPLFKDHO:LOOLQJKDPDQG6FKDOOHU .XUXPLoLQGH YH Gร•รบร•QGD JHUoHNOHรบHQ JHOLรบPHOHUH SDUDOHO RODUDN Lo NRQWURO VLVWHPOHULQLQ VยUHNOL RODUDN L]OHQPHVL GHรทHUOHQGLULOPHVL YH HWNLQOLรทLQLQ GHYDPร•Qร• VDรทODPDN LoLQ JHOLรบWLULOPHVL JHUHNLU 'ROD\ร•Vร•\OD NXUXP LoLQGH L]OHPH IRQNVL\RQX Doร•NoD WDQร•PODQPDOร• YH JHUHNOL \DSร• ROXรบWXUXOPDOร•Gร•U รธo NRQWURO VLVWHPOHUL JHQHO RODUDN

L]OHPH

VยUHFLQLQ

QRUPDO

LรบOHPOHULQ

DNร•รบร•

LoLQGH

JHUoHNOHรบPHVLQL

VDรทODPDOร•Gร•U รธ]OHPH DรบDPDVร•QGD SHUIRUPDQVร•Q EHOOL ELU ]DPDQ GLOLPLQGHNL NDOLWHVL

GHรทHUOHQGLULOPHOL

YH

VLVWHPGH

RUWD\D

oร•NDQ

HNVLNOLNOHULQ

YH\D

SUREOHPOHULQKร•]ODo|]ยPHEDรทODQPDVร•JยYHQFHDOWร•QDDOร•QPDOร•Gร•U

รธo NRQWURO VLVWHPLQLQ HWNLQOLรทL IDUNOร• DODQODUGD J|UHYOL NXUXP SHUVRQHOL WDUDIร•QGDQ

L]OHQLU

%X

QHGHQOH

ยVW

\|QHWLPLQ

KDQJL

SHUVRQHOLQ

KDQJL

IDDOL\HWOHUL L]OHPHNWHQ VRUXPOX ROGXรทXQX WHVSLW HWPHVL JHUHNLU .XUXPXQ JยQOยN IDDOL\HWOHULQLQ ELU SDUoDVร• RODUDN Lo NRQWURO VLVWHPLQLQ LรบOH\LรบL L]OHQLUNHQ Lo NRQWURO VLVWHPLQLQ HWNLQOLรทLQLQ SHUL\RGLN RODUDN D\Uร•FD GHรทHUOHQGLULOPHVL JHUHNOLGLU .XUXPXQ IDUNOร• IDDOL\HWOHULQLQ L]OHQPHVLQLQ QH Vร•NOร•NWD RODFDรทร• EDQNDQร•Q WDรบร•Gร•รทร• PHYFXW ULVNOHU LOH NXUXP LoLQGHNL YH Gร•รบร•QGDNL GLรทHU JHOLรบPHOHUH J|UH EHOLUOHQPHOLGLU .XUXP LoL NRQWUROOHU PHYFXW SROLWLND YH \|QWHPOHUH

X\JXQOXรทXQ

EDรทร•PVร•]

RODUDN

GHรทHUOHQGLULOPHVLQH

LPNDQ

YHUGLรทLQGHQLoNRQWUROVLVWHPLQLQNHVLQWLVL]L]OHQPHVLQLQ|QHPOLELUXQVXUXGXU *ยQOยN

LรบOHP

ND\ร•WODUร•Qร•Q

LQFHOHQPHVL

YH

RQD\ODQPDVร•

|]HO

GXUXP

UDSRUODUร•Qร•Q ยVW \|QHWLPFH LQFHOHQPHVL YH RQD\ODQPDVร• NHVLQWLVL] L]OHPH LรบOHYLQH |UQHN RODUDN YHULOHELOLU .HVLQWLVL] L]OHPH Lo NRQWURO VLVWHPLQGHNL KDWD YH

HNVLNOLNOHULQ

KHPHQ

IDUNHGLOHUHN

Gย]HOWLOHELOPHVL

Doร•Vร•QGDQ JHUHNOLGLU

$\Uร•FDWHPHOULVNOHULL]OHPHGHEDQNDQร•QJยQOยNLรบOHULQLQELUSDUoDVร•ROPDOร•YH LVWHQGLรทLQGHD\Uร•GHรทHUOHQGLUPHOHULGHNDSVDPDOร•Gร•U

 


$\Uร•

RODUDN

\DSร•ODQ

NRQWURO

GHรทHUOHQGLUPHOHUL

EHOOL

ELU

]DPDQGD

NRQWUROยQ HWNLQOLรทLQH RGDNODQPDNDoร•Vร•QGDQ\DUDUOร•Gร•U$\Uร•GHรทHUOHQGLUPHOHULQ IDDOL\HW

DODQร•

YH

GHรทHUOHPHVLQH

Vร•NOร•รทร•

EDรทOร•Gร•U

L]OHPH $\Uร•

SURVHGยUOHULQLQ

GHรทHUOHQGLUPHOHU

HWNLQOLรทLQH NLรบLVHO

YH

ULVNOHULQ

GHรทHUOHPHOHU

RODELOHFHรทL JLEL NRQWUROยQ J|]GHQ JHoLULOPHVL YH Lo NRQWUROยQ GRรทUXGDQ WHVW HGLOPHVL GH RODELOLU รธ]OHPH YH\D D\Uร• GHรทHUOHQGLUPH Vร•UDVร•QGD RUWD\D oร•NDQ SUREOHPOHU YH\D HNVLNOLNOHU  R LรบOHPGHQ VRUXPOX NLรบL\OH YH\D R NLรบLQLQ ยVWย\OH NRQXรบXOPDOร•Gร•U

+HU

VHYL\HGH

\DSร•ODQ

GHรทHUOHQGLUPH

UDSRU

HGLOPHOL

YH

]DPDQร•QGDLOJLOLSR]LV\RQODUGDNL\|QHWLFLOHUHXODรบWร•Uร•OPDOร•Gร•U

รธ]OHPH LรบOHYLQGH GLNNDWH DOร•QPDVร• JHUHNHQ LNL |QHPOL XQVXU YDUGร•U <|QHWLPLQ

NRQWURO

PHWRGODUร•

YH

Lo

GHQHWLP

IRQNVL\RQX

&KDUPLFKDHO

:LOOLQJKDPDQG6FKDOOHU <|QHWLPLQNRQWUROPHWRGODUร•



3ODQEยWoHYHWDKPLQ\DSร•OPDVร•QDLOLรบNLQSURVHGยUOHU



*HUoHN SHUIRUPDQVร• |OoPHN LoLQ NXOODQร•ODQ PHWRGODU YH SODQODQDQ SHUIRUPDQVLOHJHUoHNSHUIRUPDQVร•QNร•\DVODQPDVร•



2UWD\Doร•NDQVRQXoODUร•QยVW\|QHWLPOHJ|UยรบยOPHVL



%HNOHQWLOHUGHQ VDSPDODUD LOLรบNLQ \|QHWLPLQ WDYUร• YH JHUHNOL DGร•PODUร•Q DWร•OPDVร•



.RQWURO SURVHGยUOHULQL \HQLOHPH\H \|QHOLN SROLWLNDODU ROXรบWXUXOPDVร• SUREOHPOHULQRUWDGDQNDOGร•Uร•OPDVร•YHHWNLQOLรทLQVDรทODQPDVร•Qร•LoHULU 'ROD\ร•Vร•\OD \|QHWLP NXUXPXQ KHGHIOHULQL EDรบDUPDVร•QD \DUGร•PFร• ROPDN

LoLQNXUXPXQLoNRQWUROOHULQLQWDPDPร•Qร•QHWNLQOLรทLQLVยUHNOLRODUDNL]OHPHOLGLU

รธ]OHPHSURVHGยUยQยQGLรทHUELUXQVXUXRODQLoGHQHWLPLVHNXUXPLoLQGH EDรทร•PVร•] ELU ELULP WDUDIร•QGDQ \ยUยWยOHQ YH Lo NRQWURO VLVWHPLQLQ HWNLQOLรทLQL GHรทHUOHQGLUHQ ELU NRQWURO PHNDQL]PDVร•Gร•U (รทLWLPOL YH  \HWHQHNOL SHUVRQHO WDUDIร•QGDQ \ยUยWยOHQ HWNLOL YH JHQLรบ NDSVDPOร• ELU Lo GHQHWLP Lo NRQWURO VLVWHPLQGHNL DNVDNOร•NODUร•Q RUWD\D oร•NDUWร•OPDVร• YH VLVWHPLQ JHOLรบWLULOPHVLQH NDWNร•GDEXOXQXU

รธo NRQWUROH LOLรบNLQ KDWDODU EHOLUOHQHQ Lo NRQWURO ERรบOXNODUร•  \D GD HWNLQ RODUDN NRQWURO HGLOHPH\HQ WยP ULVNOHU WHVSLW HGLOGLรทL DQGD \|QHWLP NXUXOX YH ยVW Gย]H\ \|QHWLPOH ELUOLNWH LOJLOL  SHUVRQHOH GH  UDSRU HGLOPHOL YH LYHGLOLNOHHOH

 


DOร•QPDOร•Gร•U 'HQHWLPOHULQ YH GLรทHU LQFHOHPHOHULQ VRQXoODUร•Qร•Q JHUHNWLรทL รบHNLOGH o|]ยPH NDYXรบWXUXOPDVร•QD \|QHOLN SROLWLNDODU YH SURVHGยUOHU Lo NRQWUROยQ L]OHQPH IRQNVL\RQXQXQ LoLQGH \HU DOร•U <|QHWLFLOHU GHQHWLPOHUGHQ YH GLรทHU LQFHOHPHOHUGHQ HOGH HGLOHQ VRQXoODUร• GHรทHUOHQGLUPHOL RUWD\D oร•NDQ HNVLNOLNOHU YH\D SUREOHPOHUH LOLรบNLQ DOร•QDFDN |QOHPOHUL WHVSLW HWPHOL NHQGLOHULQH VXQXODQ Gย]HOWLFL|QOHPOHULQYH\DEDรบNDELUรบHNLOGHo|]ยPDUDQDQPHVHOHOHULQWยPยQย EHOLUOHQHQ ELU WDNYLP LoLQGH WDPDPODPDOร•Gร•U 'HQHWLP VRQXoODUร• \|QHWLPH ELOGLULOGLรทLQGH o|]ยP VยUHFL GH EDรบODPร•รบ ROXU %X VยUHo DQFDN WHVSLW HGLOHQ \HWHUVL]OLNOHUL Gย]HOWHQ YH VLVWHPGH L\LOHรบPHOHU VDรทOD\DQ DGร•PODU DWร•OGร•NWDQ VRQUDWDPDPODQร•U

รธo.RQWURO6LVWHPLQLQ'HรทHUOHQGLULOPHVL

รธo

NRQWURO

GHรทHUOHQGLULOPHVL

VLVWHPLQLQ

YH

DNVD\DQ

ROXรบWXUXOPDVร•

NDGDU

VLVWHPLQ

\|QOHULQLQ

NRQWURO

ERรบOXNODUร•Qร•Q

YH

LรบOH\LรบLQLQ WHVSLW

HGLOHUHN VLVWHPGHQ PDNVLPXP Gย]H\GH ID\GD VDรทODQPDVร• GD |QHPOLGLU &262 5DSRUXยถQD &RVR 5HSRUW   J|UH Lo NRQWURO VLVWHPLQLQ LรบOH\LรบL YH HWNLQOLรทL KDNNร•QGD GHรทHUOHQGLUPH \DSPDN LoLQ NRQWURO \DSร•Vร• ULVN GHรทHUOHPH NRQWURO

IDDOL\HWOHUL

ELOJL

YH

KDEHUOHรบPH

LOH

L]OHPHGHQ

ROXรบDQ

NRQWURO

VWDQGDUWODUร•Qร•Q LQFHOHQPHVL JHUHNLU 5DSRUGD KHU ELU NRQWURO |รทHVL SHN oRN NRQWURO

IDNW|Uย

GHรทHUOHQGLULOLUNHQ VLVWHPOHULQLQ

LOH EX

WDQร•PODQPร•รบWร•U IDNW|UOHU

NULWHU

GHรทHUOHQGLULOPHVLQGHNL

'ROD\ร•Vร•\OD RODUDN

Lo

NRQWURO

NXOODQร•OPDNWDGร•U

DPDo

GHQHWLP

รธo

VLVWHPL NRQWURO

oDOร•รบPDODUร•Qร•Q

SODQODQPDVร• YH Lo NRQWURO VLVWHPLQLQ LรบOH\LรบL KDNNร•QGD \|QHWLPH |QHULOHUGH EXOXQXODUDNVLVWHPLQHWNLQOLรทLQLQDUWร•Uร•OPDVร•Gร•U

'HQHWLP oDOร•รบPDODUร•Qร•Q NDSVDPร•\OD Lo NRQWURO VLVWHPLQLQ HWNLQOLรทL DUDVร•QGD WHUV ELU RUDQWร• YDUGร•U รธo NRQWURO VLVWHPL HWNLQ LVH GHQHWoL VLVWHPH JยYHQLU

EXQXQ

VRQXFX

GDKD

D]

GHQHWLP

oDOร•รบPDVร•

\DSDELOLU

YH

oDOร•รบPDODUร•Qร•Q Vร•NOร•รทร•Qร• D]DOWDELOLU $NVLQH Lo NRQWURO VLVWHPL ]D\ร•I LVH GHQHWoL Lo

NRQWURO

JHQLรบOHWLU

VLVWHPLQH

JยYHQPH]

'ROD\ร•Vร•\OD

GHQHWoLOHU

GROD\ร•Vร•\OD GHQHWLP

oDOร•รบPDODUร•Qร•Q

oDOร•รบPDODUร•Qร•

NDSVDPร•Qร•

SODQODPDN

YH

\DSDFDNODUร• oDOร•รบPDODUร•Q HWNLQOLรทLQL DUWร•UPDN LoLQ GHQHWOHQHQ NXUXPXQ Lo NRQWURO VLVWHPLQL LQFHOHPHOL YH GHรทHUOHQGLUPHOLGLUOHU 'HQHWoLOHU Lo NRQWURO VLVWHPLQL LQFHOHUNHQ YH GHรทHUOHQGLULUNHQ VLVWHPLQ ]D\ร•I QRNWDODUร•Qร• WHVSLW

 


HWPHOL

YH

EX

]D\ร•IOร•NODUร•

PHVOHNL

ELOJL

YH

WHFUยEHVLQH

GD\DQDUDN

GHรทHUOHQGLUPHOLGLU *ยUEย] 

รธo.RQWURO6LVWHPLQLQรธQFHOHQPHVLYH'HรทHUOHQGLULOPHVLQGH 8\JXODQDQ<DNODรบร•PODU 'HQHWoLOHU Lo NRQWURO VLVWHPLQLQ LQFHOHQPHVL YH GHรทHUOHQGLULOPHVLQGH IDUNOร• \DNODรบร•PODU X\JXODPDNWDGร•UODU .XUXPXQ IDDOL\HWOHUL YH LรบOHPOHUL YH EXQODUOD

LOJLOL

Lo

NRQWUROOHU

GHQHWLP

DPDFร•\OD

DรบDรทร•GDNL

รบHNLOOHUGH

E|OยPOHQGLULOHELOLU *ยUEย]V 



'HSDUWPDQODUD

NXUXPXQ

ELULP

J|UH

YH\D

E|OยPOHQGLUPH

รบXEHOHULQH

J|UH

%X

\DNODรบร•PGD

E|OยPOHQGLULOLU

+HU

Lo

NRQWUROOHU

E|OยPGHNL

Lo

NRQWUROOHUELUEยWยQRODUDNLQFHOHQLUYHGHรทHUOHQGLULOLU



)RQNVL\RQODUD

J|UH

E|OยPOHQGLUPH

%X

\DNODรบร•PGD

GHQHWoL

ELU

IRQNVL\RQX EDรบร•QGDQ VRQXQD NDGDU LQFHOHU YH GHรทHUOHQGLULU %|\OHFH R IDDOL\HWLOHLOJLOLLoNRQWUROOHUKDNNร•QGDELUNDQDDWHXODรบPร•รบROXU



0DOL WDEORODUD J|UH E|OยPOHQGLUPH %X \DNODรบร•PGD LVH NXUXP LoL

NRQWUROOHU ELODQoR YH JHOLU WDEORVXQGDNL KHVDSODUD J|UH E|OยPOHQGLULOLU YH LQFHOHQLU

.XUXPXQ

GHQHWOHQHFHN

IDDOL\HWOHULQLQ

LoHULรทLQH

J|UH

\XNDUร•GD

Doร•NODQDQ \|QWHPOHUGHQ ELULQLQ VHoLOPHVL \ROX\OD LรบOHPOHULQ HWNLQ ELU รบHNLOGH GHQHWOHQPHVLYHGHQHWLPVRQXFXVDรทOร•NOร•NDUDUODUYHULOPHVLDPDoODQPDNWDGร•U

รธo.RQWURO6LVWHPLQL'HรทHUOHQGLUPH$รบDPDODUร•

+DQJL \DNODรบร•P X\JXODQร•UVD X\JXODQVร•Q Lo NRQWURO VLVWHPLQL LQFHOHPH YH GHรทHUOHQGLUPH oDOร•รบPDODUร• D\Qร•Gร•U <DSร•ODQ EX oDOร•รบPDODU EDรบOร•FD G|UW DรบDPD\DE|OยQHUHNDoร•NODQDELOLU *ยUEย]V 



6LVWHPLQWDQร•QPDVร•



6LVWHPLQ|QGHรทHUOHPHVL



6LVWHPLQX\JXODPDGDNLHNVLNOLรทLQLWHVWHWPH



6LVWHPLQVRQGHรทHUOHPHVL

 


$รบDรทร•GDEXDรบDPDODUDLOLรบNLQDoร•NODPDODU\DSร•OPร•รบWร•U 6LVWHPLQWDQร•QPDVร• รธo NRQWURO VLVWHPLQLQ LQFHOHQPHVL YH GHรทHUOHQGLULOPHVLQGH LON DรบDPD GHQHWOHQHQ NXUXPXQ Lo NRQWURO VLVWHPLQL WDQร•PDNWร•U %X DรบDPDGD GHQHWoL VLVWHP KDNNร•QGD VLVWHPDWLN ELU ELoLPGH ELOJL WRSODU YH EXQODUร• ND\GHGHU รธo NRQWUROVLVWHPLQLQWDQร•QPDVร•QGD\DUDUODQร•ODELOHFHNELOJLND\QDNODUร•LVH



.XUXPXQ|UJยW\DSร•Vร•



.XUXPXQKHVDSSODQร•YHPXKDVHEH\|QHWPHOLรทL



.XUXP\|QHWLPLQLQ\D\ร•QODGร•รทร•JHQHOJHYH\|QHWPHOLNOHU



รธรบWDQร•PODUร•



.XUXPSHUVRQHOLLOH\DSร•ODQJ|UยรบPHOHU



รธoGHQHWoLQLQUDSRUODUร•YHGHQHWLPSURJUDPร•



0XKDVHEHoDOร•รบPDODUร•Qร•QJ|]OHQPHVLEHOJHYHND\ร•WODUร•QLQFHOHQPHVL



.XUXPLoLQGHNLE|OยPOHULQJH]LOPHVL



gQFHNL \ร•OODUD DLW GHQHWLP UDSRUX oDOร•รบPD NDรทร•WODUร• YH Lo NRQWURO UDSRUODUร•



dHรบLWOL\D\ร•QODUDUDรบWร•UPDYHLVWDWLVWLNOHURODUDNVร•UDODQDELOLU %X ND\QDNODUGDQ HGLQPLรบ ROGXรทX ELOJLOHU GHQHWoL\H Lo NRQWURO VLVWHPL

KDNNร•QGD ELOJL VDรทODU 'HQHWoL HOGH HWPLรบ ROGXรทX EX ELOJLOHUL ND\GHWPHOLGLU 'HQHWLP

X\JXODPDODUร•QGD

QRW

DOPD

DQNHW

\|QWHPL

YH

DNร•รบ

รบHPDODUร•

\|QWHPOHULQGHQ ELUL YH\D ELUNDoร• \DUGร•Pร•\OD Lo NRQWURO VLVWHPL LQFHOHQHUHN ND\GHGLOLU *ยUHGLQ  1RW DOPD \|QWHPLQGH GHQHWoL Lo NRQWUROOHUL \D]ร•Oร• ELU รบHNLOGH DQODWร•U gQHPOL J|UGยรทย KXVXVODUร• YH \|QHWLPH \DSDFDรทร• |QHULOHUL QRWHGHU%X\|QWHPEDVLWYHNROD\Gร•UYHJHQHOOLNOHIDDOL\HWDODQร•YHVD\ร•Vร•GDU NXUXOXรบODUGD X\JXODQร•U )DDOL\HW DODQร• GDKD JHQLรบ RODQ NXUXOXรบODUGD LVH Lo NRQWURO VLVWHPLQL LQFHOHPH oDOร•รบPDODUร•QGD GLรทHU \|QWHPOHUH \DUGร•PFร• ELU \|QWHP

RODUDN NXOODQร•Oร•U

$QNHW

\|QWHPLQGH

GHQHWoL Lo NRQWURO VLVWHPL

KDNNร•QGD ELU GL]L VRUX KD]ร•UODU 6RUXODUD YHULOHFHN FHYDSODUD J|UH VLVWHPLQ HWNLQOLรทL KDNNร•QGD ELU VRQXFD YDUPD\D oDOร•รบร•U $QNHW \|QWHPL Lo NRQWURO VLVWHPLQGH DUDรบWร•Uร•ODFDN VDKDODUร• J|VWHUHQ ELU DUDo RODUDN NXOODQร•OPDNWDGร•U รธo NRQWURO VLVWHPLQL LQFHOHPHGH NXOODQร•ODQ GLรทHU ELU DUDo Lรบ DNร•รบ รบHPDODUร•Gร•U $Nร•รบ

รบHPDVร•

\|QWHPLQGH

NXUXP

LoL

ELULPOHUGHNL

ELOJL

YH

EHOJH

DNร•รบร•

VHPEROOHUOH J|VWHULOLU  $Nร•รบ รบHPDODUร• GHQHWoL\L X]XQ QRW DOPD YH DQNHW IRUPX

 


GROGXUPD

NยOIHWLQGHQ

NXUWDUร•U

)DNDW

EX

\|QWHP

QRW

DOPD

YH

DQNHW

\|QWHPLQGHQGDKDID]ODX]PDQOร•NJHUHNWLULU

'HQHWLP oDOร•รบPDVร•QGD X\JXODQDFDN \|QWHPOHU GHQHWoLQLQ NDUDUร•QD EDรทOร•Gร•U

รธo

NRQWURO

VLVWHPLQLQ

LQFHOHQPHVLQGH

\XNDUร•GD

Doร•NODQDQ

\|QWHPOHUGHQ ELUL YH\D ELUNDoร• ELUOLNWH NXOODQร•ODELOLU %X \|QWHPOHU \DUGร•Pร•\OD GHQHWoLVLVWHPKDNNร•QGDELOJLVDKLELROPD\DoDOร•รบร•U 6LVWHPLQ|QGHรทHUOHPHVL รธo

NRQWURO

VLVWHPLQL

J|]GHQ

JHoLUHQ

GHQHWoL

VLVWHPLQ

ELU

|Q

GHรทHUOHPHVLQL \DSDU YH Lo NRQWUROOHUH QH GHUHFH JยYHQHELOHFHรทL NRQXVXQGD JHoLFL ELU NDUDU YHULU รธo NRQWUROOHULQ JHUoHNWHQ X\JXODQร•S X\JXODQPDGร•รทร• EHOLUOHQPHGLรทL LoLQ EX GHรทHUOHPH JHoLFLGLU 'HQHWoL EX JHoLFL NDQDDWLQH GD\DQDUDN

GHQHWLP

SURJUDPร•

KD]ร•UODU

'HQHWLP

SURJUDPร•

GHQHWLPLQ

\ยUยWยOPHVL Vร•UDVร•QGD KHUELU GHQHWLP DODQร• LoLQ X\JXODQPDVร• GยรบยQยOHQ GHQHWLP LรบOHPOHULQLQ WยUยQยQ YH Vร•UDVร•Qร•Q \D]ร•Oร• RODUDN EHOLUOHQGLรทL WDVODรทร• LIDGH HGHU รธ\L ELU ELoLPGH Gย]HQOHQPLรบ GHQHWLP SURJUDPร• D  \DSร•ODFDN GHQHWLPLQ oHUoHYHVLQL EHOLUOHU YH LรบLQ QDVร•O WDQร•PODQDFDรทร•QD LOLรบNLQ WDOLPDW YHULU E  GHQHWLPLQ NRRUGLQH HGLOPHVLQH J|]HWLPLQH YH NRQWUROยQH WHPHO ROXรบWXUXUYHF \DSร•ODQLรบLoLQELUNDQร•WROXรบWXUXU 6LVWHPLQX\JXODPDGDNLHWNLQOLรทLQLQWHVWHGLOPHVL 'HQHWoL Lo NRQWURO VLVWHPLQLQ DOร•QDQ QRWODUGD GROGXUXODQ DQNHWOHUGH YH\D DNร•รบ รบHPDODUร•QGD WHVSLW HGLOPLรบ ROGXรทX JLEL SODQOร• YH Gย]HQOL ELU ELoLPGH LรบOH\LS LรบOHPHGLรทLQL DUDรบWร•UPDOร•Gร•U %LU NXUXPGD YDUROGXรทX LGGLD HGLOHQ Lo NRQWUROOHULQ JHUoHNWHQ DPDoODQGร•รทร• JLEL oDOร•รบร•S oDOร•รบPDGร•รทร•Qร• WHVSLW HWPH LรบOHPLQHGHQHWLPOLWHUDWยUยQGHLรบOHPWHVWLYH\DX\JXQOXNWHVWLDGODUร•YHULOLU%X WHVWOHUGH

GHQHWoL

|UQHNOHPH

\|QWHPL\OH

ELU

LรบOHPL

HOH

DOร•U

EDรบODQJร•o

DรบDPDVร•QGDQ ELWLรบ DรบDPDVร•QD NDGDU J|]GHQ JHoLULU .XUXPODUร•Q IDDOL\HW DODQร• YH VD\ร•Vร• ID]ODODรบWร•NoD JHUoHNOHรบWLUPLรบ ROGXNODUร• IDDOL\HWOHUH LOLรบNLQ WยP ND\ร•W YHEHOJHOHULQNร•VDELUVยUHLoLQGHLQFHOHQPHVLoRNJยoYHPDVUDIOร•ROGXรทXQGDQ WDUDPD \|QWHPL \HULQH |UQHNOHPH \|QWHPL NXOODQร•ODUDN GHQHWLP oDOร•รบPDODUร• Nร•VD ELU VยUHGH YH HWNLQ ELU รบHNLOGH WDPDPODQDELOLU %|\OHFH LรบOHPOHULQ Lo NRQWUROOHUHX\JXQRODUDN\DSร•OPร•รบROXSROPDGร•รทร•WHVSLWHGLOLU

 


 6LVWHPLQVRQGHรทHUOHPHVL 'HQHWoL Lo NRQWURO VLVWHPLQLQ X\JXODPDGDNL HWNLQOLรทLQL WHVW HWWLNWHQ VRQUD VLVWHPL VRQ RODUDN ELU GDKD GHรทHUOHQGLULU <DSร•ODQ WHVWOHULQ LNLQFL DรบDPDGD DUDรบWร•Uร•U

\DSPร•รบ %X

VRQ

ROGXรทX

|Q

GHรทHUOHPHVLQL

GHรทHUOHPH\H

J|UH

GRรทUXOD\ร•S

GHQHWoL

JHUHNOL

GRรทUXODPDGร•รทร•Qร•

J|UยUVH

GHQHWLP

SURJUDPร•QGD ED]ร• Gย]HOWPHOHU \DSDU รธo NRQWUROOHUL ]D\ร•I EXOGXรทX DODQODU LoLQ SURJUDPร•QD

HN

GHQHWLP

oDOร•รบPDODUร•

NR\DU

Lo

NRQWUROOHULQ

HWNLQ

LรบOHGLรทL

DODQODUGD LVH GHQHWLP SURJUDPร•Qร• GDUDOWร•U 'HQHWoL D\Uร•FD \DSPร•รบ ROGXรทX EX LQFHOHPH

YH

GHรทHUOHPH

VRQXoODUร•QD

J|UH

VLVWHPGHNL

]D\ร•I

QRNWDODUร•Q

NXYYHWOHQGLULOPHVL Dรบร•Uร• YH\D JHUHNVL] Lo NRQWUROOHULQ RUWDGDQ NDOGร•Uร•OPDVร• LoLQ \|QHWLFLOHUH WDYVL\HOHUGH EXOXQXU %|\OHFH Lo NRQWURO VLVWHPLQLQ GHรทHUOHPH DPDoODUร•QDXODรบPDVร•VDรทODQPร•รบROXU

 รธo .RQWURO 6LVWHPOHULQGHNL 7HPHO (NVLNOLNOHU YH *LGHULOPHVL รธoLQ 8\JXODQPDVร•*HUHNHQ3URVHGยUOHU %,6 HNVLNOLNOHULQ

%DVOH QHOHU

*|]HWLP ROGXรทXQX

.RPLWHVL WHVSLW

Lo

NRQWURO

HGHELOPHN

LoLQ

VLVWHPOHULQGHNL EDQNDFร•Oร•NWD

WHPHO

\DรบDQDQ

VRUXQODUร• LQFHOHPLรบWLU %X LQFHOHPHOHU WยP EDQND \|QHWLFL YH LGDUHFLOHULQLQ Lo GHQHWoL EDรทร•PVร•] Gร•รบ GHQHWoLOHU LOH J|]HWLP YH GHQHWLP RWRULWHOHULQLQ Lo NRQWURO

VLVWHPOHULQLQ

JยoOHQGLULOPHVL

YH

HWNLQ

LรบOHPHVLQLQ

VDรทODQPDVร•

NRQXVXQD GDKD ID]OD |QHP YHUPHOHUL JHUHNWLรทL VRQXFXQX RUWD\D NR\PXรบWXU 6RQ G|QHPOHUGH SHN oRN SUREOHPOL EDQND |UQHรทLQGH J|UยOGยรทย JLEL \HWHUVL] Lo NRQWUROOHU  EDQND LoLQ |QHPOL ND\ร•SODUD \RO DoDELOPHNWHGLU *HQHO RODUDN NRQWURO HNVLNOLNOHUL YH\D NRQWURO ERรบOXNODUร•Qร• EHรบ EDรบOร•N DOWร•QGD WRSOD\DELOLUL] %,6 



%DQND \|QHWLPLQLQ \HWHUOL \HWNL YH VRUXPOXOXNODUร• WDรบร•PDPDVร• YH EDQND

LoLQGH

JยoOย

ELU

NRQWURO

NยOWยUยQยQ

ROXรบWXUXODPDPร•รบ

ROPDVร• รธVWLVQDVร•]

|QHPOL

PLNWDUODUGDNL

ND\ร•SODUD

XรทUD\DQ

KHU

EDQNDGD

EDQND

\|QHWLPLQLQ Lo NRQWURO NยOWยUย NRQXVXQD JHUHNOL |QHPL YHUPHGLรทL EX NRQXGD \HWHUOL WHรบYLรทL \DSPDGร•รทร• EDQND \|QHWLP NXUXOX YH ยVW Gย]H\ \|QHWLPLQLQ

 


\HWHUVL] J|]HWLPL Doร•N ELU J|UHY YH VRUXPOXOXN SD\ODรบร•Pร•Qร•Q \DSร•OPDGร•รทร• ELU \|QHWLP\DSร•Vร•Qร•QEXOXQGXรทXJ|UยOPHNWHGLU



*HQHO

EDQNDFร•Oร•N

IDDOL\HWOHUL\OH

LOJLOL

ULVNOHULQ

WHVSLW

YH

GHรทHUOHPHVLQLQ\HWHUOLGย]H\GH\DSร•OPDPDVร• gQHPOL PDGGL ND\ร•SODUD XรทUD\DQ ELUoRN EDQNDQร•Q \HQL ยUยQOHUH YH KL]PHWOHUH LOLรบNLQ ULVNOHULQ WHVSLW HGLOPHVL YH GHรทHUOHQGLULOPHVL NRQXVXQX LKPDO HWWLรทL \D GD

ULVN

GHรทHUOHPH

\|QWHPOHULQL

GHรทLรบHQ

NRรบXOODUD

J|UH

\HQLOHPHGLรทL

J|UยOPHNWHGLU 6RQ G|QHPOHUGH \DรบDQDQ SUREOHPOL EDQNDROD\ODUร•JHOHQHNVHO \D GD ELOLQHQ ยUยQOHUH LOLรบNLQ RODUDN \HWHUOL RODQ Lo NRQWURO VLVWHPOHULQLQ GDKD NDSVDPOร•

YH

NDUPDรบร•N

IDDOL\HWOHU

NDUรบร•Vร•QGD

\HWHUVL]

NDOGร•รทร•QD

LรบDUHW

HWPHNWHGLU



6RUXPOXOXNODUร•Q

RQD\

GRรทUXODPD

YH

PXWDEDNDW

\HWNLOHULQLQ

D\Uร•Pร• YH LรบOHP SHUIRUPDQVร•Qร•Q LQFHOHQPHVL JLEL WHPHO NRQWURO \DSร•Vร•YHIDDOL\HWXQVXUODUร•Qร•Q\HWHUVL]ROPDVร• %DQNDODUร•Q Eย\ยN PLNWDUODUGD ND\ร•S YHUPHOHULQLQ HQ |QHPOL IDNW|UOHULQGHQ ELUL GHIRQNVL\RQHODQODPGDJ|UHYD\Uร•Pร•Qร•QROPDPDVร•Gร•U



%DQNDQร•Q

ยVW

\|QHWLP

VHYL\HOHULQGH

\HWHUOL

ELOJL

LOHWLรบLPLQLQ

ROPDPDVร• YH |]HOOLNOH GH \XNDUร• \|QOย LOHWLรบLP SUREOHPOHULQLQ EXOXQPDVร• %DQND IDDOL\HWOHULQLQ HWNLQ RODUDN VยUGยUยOPHVL LoLQ WยP EDQND SROLWLND YH SURVHGยUOHULQLQ SHUVRQHOH LOHWLOPHVL JHUHNPHNWHGLU %D]ร• EDQND ]DUDUODUร• LOJLOL EDQND SHUVRQHOLQLQ EDQND SROLWLNDODUร• KDNNร•QGD ELOJL VDKLEL ROPDPDVร•QD \D GD EX

SROLWLNDODUร•Q

\HWHULQFH

DQODรบร•ODPDPร•รบ

ROPDVร•QD

EDรทOร•

RODUDN

JHUoHNOHรบPLรบWLU dRรทX SUREOHPOL EDQND |UQHรทLQGH NXUXP LoL LOHWLรบLP NDQDOODUร• LOH

\XNDUร•

\|QOย

LOHWLOPHVL

JHUHNHQ

\DQOร•รบ

X\JXODPDODUD

LOLรบNLQ

ELOJLQLQ

SUREOHPOHU RUWD\D oร•NPDGDQ |QFH \|QHWLP NXUXOX \D GD ยVW Gย]H\ \|QHWLPH LOHWLOPHGLรทL J|UยOPHNWHGLU  \ร•Oร•QGD รธQJLOWHUHยถGH %DULQJV %DQNDVร•ยถQGD ยVW Gย]H\ ELU oDOร•รบDQร•Q Lo NRQWURO PHNDQL]PDODUร•Qร•Q X\JXODQPDGร•รทร• ELU RUWDPGD VSHNยODWLI JLULรบLPOHUGH EXOXQDUDN EDQND\ร• PHYFXW VHUPD\HVLQLQ LNL NDWร•QGDQ GDKD ID]OD ]DUDUD XรทUDWร•S EDQNDQร•Q o|NยรบยQH VHEHS ROPDVร• ยVW \|QHWLPGHNL NRRUGLQDV\RQ YH LOHWLรบLP NRSXNOXNODUร•QD YHULOHELOHFHN L\L ELU |UQHNWLU  'LรทHU |UQHNOHUGH LVH \|QHWLP ELULPOHULQFH KD]ร•UODQDQ UDSRUODUGD WDP YH GRรทUX ELOJLQLQ YHULOPHPLรบ ROGXรทX YH EXQXQ EDQNDQร•Q GXUXPX KDNNร•QGD \DQOร•รบ ELU L]OHQLPH\RODoWร•รทร•J|UยOPยรบWยU

 




<HWHUVL] NDODQ \D GD HWNLQ ELU ELoLPGH VUGUOPH\HQ GHQHWLP YH L]OHPHIDDOL\HWOHUL

<LQH

ELUoRN

|UQHNWH

GHQHWoLOHULQ

SUREOHPOL

EDQNDODUÕQ

Lo

NRQWURO

VLVWHPOHULQGHNL ]D\ÕIOÕNODUÕQ WHVSLW HGLOPHVL YH UDSRUODQPDVÕNRQXVXQGD\HWHUOL |]HQL

J|VWHUPHGLNOHUL

J|UOPúWU

'L÷HU

\DQGDQ

SUREOHPOHU

GHQHWoLOHU

WDUDIÕQGDQ UDSRUODQVD ELOH \|QHWLPLQ HNVLNOLNOHUL G]HOWPHVLQL VD÷OD\DFDN PHNDQL]PDODUÕQ ROPDPDVÕ GD GHQHWLP YH L]OHPH IDDOL\HWOHULQLQ HWNLQ ELU ELoLPGHLúOHPHPHVLQH\RODoDQIDNW|UOHUGHQGLU

'ROD\ÕVÕ\ODLoNRQWUROVLVWHPOHULQLQG]JQLúOH\HELOPHVLYHEXQXQLoLQ JHUHNOL RODQ ULVN \|QHWLPLQLQ HWNLQ ELU úHNLOGH X\JXODQDELOPHVL LoLQ ùHNLO ¶GHEHOLUWLOHQXQVXUODUÕQELUDUDGDROPDVÕJHUHNLU  dDOÕúDQODUÕQ 6DGHOLN

5LVNOHUGHQKDEHUGDUROPDVÕ

7HPHONRQWUROOHU

  *YHQLOLUELOJLOHU 

ø<ø%ø55ø6.<g1(7ø0ø.XUXPLoLGDQÕúPD

9(ød.21752/h1 



7(0(/81685/$5,

 (UNHQX\DUÕPHNDQL]PDODUÕdDOÕúDQODUÕQNXUXP.RQWUROVWUDWHMLOHULQLQ YHDQÕQGDWHSNL

KHGHIOHULQL

ELOPHOHUL

VUHNOLX\JXODQPDVÕ 





ùHNLOøo.RQWUROYH5LVN<|QHWLPLQLQ7HPHO8QVXUODUÕ

ABCDBMEF IKELMF ‘Q Q hMF ’ ’ N!N!NPO b “BSNPO “W O UE’_b DQ SR DB` “WMDQ R W` gQFHOLNOH

NXUXP

KHGHIOHULQLQ

DoÕN

YH

EHOLUJLQ

ROPDVÕ

úDUWWÕU

%HOLUOHQHQ EX KHGHIOHUGHQ NXUXP VW \|QHWLPLQGHQ HQ DOW NDGHPH\H NDGDU KHUNHVLQ KDEHUGDU ROPDVÕ JHUHNLU +HGHIOHULQ JHUoHNOHúWLULOPHVL LoLQVH NXUXP LoLKDEHUOHúPHYHJYHQLOLUELOJLOHULQVD÷ODQPDVÕQGDQULVNOHULQWHVSLWHGLOPHVL NRQWURO SURVHGUOHULQLQ X\JXODQPDVÕ YH HUNHQ X\DUÕ PHNDQL]PDODUÕ \ROX\OD ROXPVX] NRúXOODUÕQ HQJHOOHQPHVLQH NDGDU ELUoRN IDNW|UQ ELUDUDGD EXOXQPDVÕ JHUHNLU

 


$รบDรทร•GDNL NULWHUOHU LVH NXUXP LoLQGH JHUHNOL RODQ Lo NRQWUROOHU ROXS KHGHIOHUH XODรบร•OPDVร•QGD YH LรบOHPOHULQ HWNLQ ELU รบHNLOGH \ยUยWยOPHVLQGH Eย\ยN NDWNร•VDรทODUODU 'DOWRQDQG+LOEHUVV 



<|QHWLP NXUXOX YH ยVW \|QHWLP WDUDIร•QGDQ L\L ELU NRQWURO \DSร•Vร•Qร•Q ROXรบWXUXOPDVร•



.RQWUROVLVWHPOHULQLQLรบOHPHVLQGH\|QHWLPLQVRUXPOXOXรทX



)DDOL\HWOHUL ยVWOHQPHN YDUOร•NODUD YH ELOJL\H XODรบPDQร•Q NRQWUROย LoLQ UHVPL\HWNLOHU



*|UHY

GDรทร•Oร•Pร•

YH

ยณLNLOL

NRQWUROยด

SUHQVLELQLQ

X\JXODQPDVร•

LรบOHPL

\ยUยWHQSHUVRQHOLOHNRQWUROHGHQSHUVRQHOLQIDUNOร•ROPDVร• 



รธรบOHPND\ร•WODUร•Qร•QWDPYH]DPDQร•QGD\DSร•OPDVร•



5LVNOHULVร•Qร•UODPDNLoLQILQDQVDOYHEยWoHNRQWUROOHUL\DSร•OPDVร•



.RQWURO|OoยOHULQGH\ย]GH\ย]WHVW\HULQH|UQHNOHPHNXOODQร•OPDVร•



รธรบOHP SHUIRUPDQVร•Qร•Q Gย]HQOL J|]GHQ JHoLULOPHVL YH \|QHWLPH UDSRU YHULOPHVL



3L\DVD\D GX\DUOร• ELOJLOHUH \HWNLVL] JLULรบ YH\D EX ELOJLOHULQ Doร•NODQPDVร• ULVNOHULQH NDUรบร• HWNLOL SROLWLNDODUร•Q YH X\JXODPDODUร•Q JHOLรบWLULOPHVL  YH NRQWUROย



รธWLEDUร•Q ND\EHGLOPHVL GH GDKLO ROPDN ย]HUH ILQDQVDO YH GLรทHU ULVNOHULQ NRQWUROย



)LQDQVDO ELOJLQLQ Doร•NODQPDVร•QD LOLรบNLQ SURJUDP YH Doร•N SROLWLNDODUร•Q ROXรบWXUXOPDVร•



5DSRUODPDGDGยUยVWOยNYHรบHIIDIOร•N %X E|OยPGH HOH DOร•QDQ NDYUDPODUGDQ GD DQODรบร•ODFDรทร• JLEL L\L ELU Lo

NRQWURO KHU NXUXP LoLQ |]HOOLNOH GH JยYHQH GD\DOร• LรบOHY \DSDQ EDQNDODU LoLQ oRN |QHPOLGLU (WNLQ ELU Lo NRQWURO VLVWHPL NXUXOPDVร• \XNDUร•GD EDKVHGLOHQ VWDQGDUWODUร•Q \DQร•Vร•UD ULVN \|QHWLPLQLQ VDรทOร•NOร• RODUDN X\JXODQDELOPHVLQGH GH |QHPOL ELU \HUH VDKLSWLU %LU VRQUDNL E|OยPGH Lo NRQWURO VLVWHPOHULQGH ULVN |OoยPยYHULVNGHรทHUOHPHVLD\Uร•QWร•Oร•RODUDNHOHDOร•QDFDNWร•U

 


'g5'h1&h%g/h0

รธd.21752/6รธ67(0/(5รธ1'(5รธ6.g/dh0h

5LVN

\|QHWLPLQLQ

JHOLรบLP

VยUHFL

LQFHOHQGLรทLQGH

X\JXODPDODUร•Q

|QFHOLNOH ILQDQV VHNW|UยQGH YH |]HOOLNOH EDQNDFร•Oร•NWD EDรบODGร•รทร• J|UยOPHNWHGLU g]HOOLNOH ยถOร• \ร•OODUGDQ LWLEDUHQ VHUEHVWOHรบPH YH JOREDOOHรบPH HรทLOLPOHULQLQ DUWPDVร• VHUPD\H KDUHNHWOHULQL |QHPOL |OoยGH HWNLOHPLรบWLU %X GXUXP ELU \DQGDQ

XOXVODUDUDVร•

SL\DVDODUGDNL

JHOLรบLPL

Kร•]ODQGร•Uร•UNHQ

GLรทHU

\DQGDQ

ULVNOHULQ ER\XWXQX YH |QHPLQL GHรทLรบWLUPLรบWLU <DNร•Q JHoPLรบWH E|OJHVHO RODUDN EDรบOD\DQ

NUL]OHULQ

VDGHFH

RUWD\D

oร•NWร•NODUร•

ยONHOHUGH

GHรทLO

JHOLรบPLรบ

SL\DVDODUGDNL SHN oRN NXUXPGD HWNLVLQL KLVVHWWLUPHVL ULVN \|QHWLPLQLQ KHP XOXVDOKHPGHXOXVODUDUDVร• ILQDQVVLVWHPLQLQVDรทOร•NOร•LรบOH\HELOPHVLQGHNLUROยQย RUWD\Doร•NDUPร•รบWร•U

5LVNLQ7DQร•Pร•

3ODQODQDQ DPDoODUD XODรบPD\ร• HWNLOH\HQ KHU WยUOย HQJHO ELU ULVNWLU $QFDN ULVN EยQ\HVLQGH VDGHFH WHKOLNH YH EHOLUVL]OLรทL GHรทLO Iร•UVDWODUร• GD EDUร•QGร•UDQ oRN \|QOย ELU HWNHQGLU %HNOHQPH\HQ ROD\ODUGDQ ND\QDNODQDQ ULVN WHKOLNH\L GHรทLรบLPOHUGHQ

ND\QDNODQDQ

ULVN

EHOLUVL]OLรทL

oHรบLWOL ULVNOHUL

OHKH

NXOODQDELOPH \HWHQHรทL GH Iร•UVDWODUร• EHUDEHULQGH JHWLUPHNWHGLU .LQQH\  %X QHGHQOH \|QHWLFLOHULQ ULVNL VDGHFH ROXPVX] \|Qย\OH HOH DOPD ]LKQL\HWLQGHQ X]DNROPDODUร•|QHPOLGLU

%DQNDODU

IDDOL\HWOHUL

JHUHรทL

ULVN

DODQ

NXUXOXรบODUGร•U

%X

QHGHQOH

EDQNDODUร•Q WDรบร•Gร•รทร• ULVNOHULQ WHVSLW HGLOPHVL YH GHรทHUOHQGLULOPHVL Lo NRQWURO VLVWHPLQLQ ELU JHUHรทLGLU 'ROD\ร•Vร•\OD VDGHFH NRQWUROH \RรทXQODรบPDNWDQ oRN

 


ULVN YH NRQWURO NDYUDPODUร•Qร•Q ELUOLNWH HOH DOร•QPDVร• |QHP WDรบร•PDNWDGร•U รธo NRQWURO SHUVSHNWLILQGHQ EDNร•OGร•รทร•QGD ULVN GHรทHUOHPHVL EDQNDQร•Q RSHUDV\RQHO ELOJL YH X\JXQOXN KHGHIOHULQH XODรบPDVร•Qร• ROXPVX] \|QGH HWNLOH\HFHN Lo YH Gร•รบ IDNW|UOHULQ EHOLUOHQPHVL YH GHรทHUOHQGLULOPHVLQL LIDGH HGHU %,6  %X EDรทODPGD Lo NRQWURO VยUHFLQGH HOH DOร•QDQ ยถULVN GHรทHUOHPHVLยถ LOH GDKD JHQLรบ ELU NDYUDPRODQยตULVN\|QHWLPLยถDUDVร•QGD|QHPOLELUIDUNYDUGร•U ยณ5LVN \|QHWLPL EDQNDQร•Q JHOHFHNWHNL QDNLW DNร•PODUร•Qร•Q LKWLYD HWWLรทL ULVN JHWLUL \DSร•Vร•Qร• EXQD EDรทOร• RODUDN IDDOL\HWOHULQ QLWHOLรทLQL YH Gย]H\LQL L]OHPHN NRQWURO DOWร•QGD WXWPDN YH JHUHNWLรทLQGH GHรทLรบWLUPHN DPDFร•\OD

EDQND

\|QHWLP

NXUXOXQXQ

X\JXODPD\D

NR\GXรทX

VWDQGDUW

EHOLUOHPH ELOJLOHQGLUPH VWDQGDUWODUD X\JXQOXรทX WHVSLW HWPH NDUDU DOPD YH X\JXODPD VยUHFLQH LOLรบNLQ PHNDQL]PDODU EยWยQยQย LIDGH HGHUยด %''. <|QHWPHOLN0DGGH 

5LVN GHรทHUOHPHVL LVH EHOLUOHQHQ KHGHIOHU ร•รบร•รทร•QGD RUWD\D oร•NDELOHFHN ULVNOHULQWHVSLWLGHรทHUOHQGLULOPHVLYHL]OHQPHVLVยUHFLGLU

5LVN<|QHWLPL6ยUHFLQLQรธQFHOHQPHVL %DQNDODUGD JHQLรบ DQODPGD ULVN \|QHWLPL G|UW DGร•PGD EHOLUOHQLU %X D\Qร•]DPDQGDULVN\|QHWLPVยUHFLQLQIRQNVL\RQODUร•RODUDNGDQLWHOHQHELOLU 

r b TE` SR b D  ย”S9` b R ` S9DfiS?T?b

r b TE` S9R b DGย•M` ย–ย—?` fiS?T?b ย˜ TBC?j TBM` ` B?lQ j Rmj ` fiBT1j

r b TE Cย•MDSQ b fzb EBR BMR ` BMRmj D1j D UCV9U?` BDfiB?T1j



r b TE Cย•DS?Q b fkb ?h WM` b Q b EBT1j D1j D TWMD1Uย–` BR j DMj D EWMDQ R W` ย—

 

รนHNLO5LVN<|QHWLPL6ยUHFL

รนHNLO ยถGH EHOLUWLOGLรทL JLEL ELULQFL DรบDPD ULVNOHULQ EHOLUOHQPHVLGLU %X DรบDPD EDQNDQร•Q IDDOL\HWOHULQH YH \DSร•Vร•QD |]Jย ULVN WLSOHULQLQ QH ROGXรทXQX EXQODUร•Q ELUELULQGHQ IDUNODUร•Qร• YH ULVNOHUH LOLรบNLQ X\JXODQDQ SROLWLNDODUร•Q WHVSLW DรบDPDVร•Gร•U รธNLQFL DรบDPD ELULQFL DรบDPDGD WHVSLW HGLOHQ ULVN WLSOHULQLQ QDVร•O |OoยOHELOHFHรทLQLQ

EHOLUOHQPHVL

YH

VD\ร•VDOODรบWร•Uร•OPDVร•Gร•U

hoยQFย

DรบDPD

|OoยOHQ YH VRPXW รบHNOH JHWLULOHQ ULVN WยUOHULQGHQ NDoร•Qร•Fร• YH EXQODUD NDUรบร• NRUX\XFX SROLWLNDODUร•Q X\JXODQPDVร•Qร• LoHULU '|UGยQFย YH VRQ DรบDPD LVH DOร•QDQ NDUDU YH |QOHP X\JXODPDODUร•Qร•Q EDรบDUร•Vร•Qร•Q WHVELWL YH X\JXODQDQ SROLWLNDODUร•QGHYDPOร•L]OHQPHVLGLU .DYDOV 

 


7HNQRORML DODQร•QGDNL Kร•]Oร• JHOLรบPHOHU YH GHรทLรบLPOHU EDQNDODUร•Q PDUX] NDOGร•NODUร• ULVNOHULQ \DSร•Vร•Qร• YH DODQร•Qร• GHรทLรบWLUPHNWHGLU %X QHGHQOH GHQHWoLOHU GH EDQND \|QHWLPLQLQ NDUรบร• NDUรบร•\D NDOGร•NODUร• ULVNOHUH FHYDS YHUHELOHFHN \|QWHPOHUH VDKLS ROPDVร•Qร• YH \HQL ULVNOHUH GH Doร•N ROPDODUร•Qร• YH JHUHNOL |QOHPOHUL DOPDODUร•Qร• EHNOHPHNWHGLUOHU 5LVN \|QHWLPL VยUHFLQLQ ยo WHPHO |รทHVL RODQ ULVN GHรทHUOHPH ULVN NRQWURO YH ULVN L]OHPH DรบDPDODUร•  EX KHGHIOHUH XODรบPD\D\DUGร•PFร•ROXU %,6 

D 

5LVN'HรทHUOHPHVL

5LVN GHรทHUOHPHVL ยo DรบDPDGDQ ROXรบXU %LULQFLVL EDQNDQร•Q ULVNOHUL EHOLUOHPH\H \|QHOLN DQDOLWLN ELU \|QWHP X\JXODPDVร•Gร•U %DQND \|QHWLPL ULVNLQ EDQND\D HWNLVL YH ROXรบPD RODVร•Oร•รทร•Qร• GD J|]|QยQH DODUDN ULVNLQ Eย\ยNOยรทยQH LOLรบNLQ WXWDUOร• ELU UDSRU KD]ร•UODPDOร•Gร•U รธNLQFL DรบDPD \|QHWLP NXUXOX YH ยVW \|QHWLPLQ

EDQNDQร•Q

ULVN

Vร•Qร•UODUร•Qร•

EHOLUOHPHVLGLU

6RQ

RODUDN

GD

ยVW

\|QHWLPLQ ULVN NDEXO Vร•Qร•UODUร• LOH PDUX] NDOร•QDQ ULVNLQ X\XPOX ROXS ROPDGร•รทร•Qร• EHOLUOHPHN

LoLQ

ULVN

Vร•Qร•UODUร•\OD

ULVN

Eย\ยNOยรทยQยQ

GHรทHUOHPHVLQLQ

NDUรบร•ODรบWร•Uร•OPDVร•Gร•U E 

5LVNNRQWUROย 5LVN \|QHWLPLQLQ EX DรบDPDVร• JยYHQOLN SROLWLNDODUร•Qร•Q X\JXODQPDVร• Lo

KDEHUOHรบPHQLQ \HQLOHQPHVL

NRRUGLQDV\RQX

Gร•รบ

ND\QDNOร•

ยUยQ

YH

ULVNOHULQ

KL]PHWOHULQ

NRQWURO

GHรทHUOHQGLULOPHVL

HGLOPHVL

YH

YH

\|QHWLOPHVLQL

VDรทOD\DFDN \|QWHPOHULQ X\JXODQPDVร• YH RODVร•Oร•N SODQODUร• JHOLรบWLULOPHVL JLEL DNWLYLWHOHULLoHULU F 

5LVNรธ]OHPH 5LVN

L]OHPH

ULVN

\|QHWLPL

VยUHFLQLQ

|QHPOL

|รทHOHULQGHQ

ELULGLU

รธ]OHPH |]HOOLNOH WHNQRORMLN JHOLรบPHOHU VRQXFX IDDOL\HWOHULQ \DSร•Vร•Qร•Q GD Kร•]Oร• GHรทLรบPH RODVร•Oร•รทร• QHGHQL\OH |QHPOH ย]HULQGH GXUXOPDVร• JHUHNHQ ELU NRQXGXU 6LVWHPLQWHVWHGLOPHVLYHGHQHWOHPHL]OHPHQLQLNL|QHPOLXQVXUXGXU

6LVWHP

RSHUDV\RQODUร•Qร•Q

WHVW

HGLOPHVL

EHNOHQPH\HQ

VLVWHP

KDWDODUร•Qร•Q VLVWHPGHNL ERรบOXNODUร•Q YH ]D\ร•IOร•NODUร•Q WHVSLW HGLOHUHN ULVNOHULQ RUWDGDQ NDOGร•Uร•OPDVร• DPDFร•QD \|QHOLNWLU 'HQHWLP LVH VLVWHPGHNL HNVLNOLNOHULQ

 


JLGHULOLS

ULVNOHULQ

PLQLPL]H

HGLOPHVLQH

\|QHOLN

EDรทร•PVร•]

ELU

NRQWURO

PHNDQL]PDVร•VDรทODU

5LVN'HรทHUOHPHVL

<|QHWLFLOHULQ KDQJL

ULVNOHULQ

|QHP WDรบร•Gร•รทร•Qร• EHOLUOHPHVL JHUHNLU

5LVNOHULQ EHOLUOHQPHVLQGHQ VRQUD NXUXP LoLQGH NXUXP KHGHIOHUL YH EX KHGHIOHUH LOLรบNLQ ULVNOHUGHQ KDEHUGDU ROPD NXUXPXQ ULVN \|QHWLP SROLWLNDVร• X\JXODQDQ NRQWURO VWUDWHMLOHULQLQ HWNLOL ROXS ROPDGร•รทร• YH GHรทLOVH QH \DSร•OPDVร• JHUHNWLรทLL\LELUULVN \|QHWLPLYHLoNRQWUROยQWHPHOOHULYHNXUXPXQKHGHIOHULQH XODรบPDVร•Qร•

HWNLOH\HQ

EXOXQXODFDรทร•

ULVNOHULQ

NRQXODUร•QGD

D]DOWร•OPDVร•QD

ILNLU

ZZZLFDHZFRXNLQWHUQDOFRQWURO 

\|QHOLN

DOร•รบYHULรบLQGH .XUXP

LoLQGH

QH

WยU

JLULรบLPOHUGH

EXOXQXOPDVร• E|\OH

ELU

JHUHNLU

PHNDQL]PD

GHรทLรบHQ Lo YH Gร•รบ IDNW|UOHU ร•รบร•รทร•QGD ยVW \|QHWLPLQ NXUXP KHGHIOHULQH LOLรบNLQ WยP ULVNOHUL EHOLUOH\LS EHOLUOHPHGLรทLQL  RUWD\D NR\DU $\Qร• ]DPDQGD \|QHWLP NXUXOXQD Lo NRQWUROยQ HWNLQOLรทLQLQ GHรทHUOHQGLULOPHVL Doร•Vร•QGDQ JยoOย ELU WHPHO VDรทODU 5LVNOHULQ EHOLUOHQPHVLQGHQ VRQUD KHUELUL LoLQ \ยNVHN RUWD YH GยรบยN HWNL \DUDWPDVร•QD J|UH GHรทHUOHQGLUPH \DSร•Oร•U gQHPOL RODQ ยVW \|QHWLP YH \|QHWLP NXUXOXQXQ Doร•N ELU รบHNLOGH KDQJL ULVNOHULQ NDEXO HGLOHPH] ROGXรทXQX YH\D RODELOHFHรทL J|UยรบยQย ELOGLUPHVL YH IDUNOร• NRQWURO VWUDWHMLOHUL X\JXOD\DUDN V|] NRQXVX ULVNOHULQ QDVร•O PLQLPL]H HGLOHFHรทLQH NDUDU YHUPHVLGLU 5LVNOHULQ |QHP GHUHFHVLQL EHOLUOHPH Doร•Vร•QGDQ รนHNLO ยถGHNL \|QWHP \D\Jร•Q RODUDN NXOODQร•OPDNWDGร•U

5LVNOHULQ

HWNLOHUL

YH

RODVร•Oร•NODUร•QD

J|UH

|QHP

GHUHFHVL

EHOLUOHQPHNWHGLU ZZZLFDHZFRXNLPSOHPHQWLQJWXUQEXOO  $ 5LVNLQ \DUDWDFDรทร• HWNL Eย\ยN YH ROXรบPD LKWLPDOL \ยNVHNVH KHPHQ |QOHPDOร•QPDVร•Qร• % 5LVNLQ \DUDWDFDรทร• HWNL Eย\ยN YH ROXรบPD LKWLPDOL GยรบยNVH IDDOL\HWLQ J|]GHQJHoLULOLSELUSODQX\JXODQPDVร•Qร• & 5LVNLQ \DUDWDFDรทร• HWNL NยoยN YH ROXรบPD LKWLPDOL \ยNVHNVH VDGHFH IDDOL\HWLQJ|]GHQJHoLULOPHVLQL ' 5LVNLQ \DUDWDFDรทร• HWNL NยoยN YH ROXรบPD LKWLPDOL GยรบยNVH SHUL\RGLN RODUDNJ|]GHQJHoLULOPHVLQLLIDGHHGHU 

 


 5LVNLQ

%



(WNLVL 

%ย\ยNHWNL 

%ย\ยNHWNL

<ยNVHNRODVร•Oร•N





'ยรบยNRODVร•Oร•N









$ 

' 

&





.ยoยNHWNL







'ยรบยNRODVร•Oร•N

<ยNVHNRODVร•Oร•N











.ยoยNHWNL







5LVN2ODVร•Oร•รทร• รนHNLO5LVNOHULQgQFHOLรทLQL%HOLUOHPH

ABCDB1EF?IKELMF,N!N{NPO b ย“BSNPO ย“W9O UEย’mb fdhM` SMfPS9DQ b DVGQ U?R D?ย”1U1` ` 5LVNOHULQ KHGHIOHULQL

HWNLVL

EDรบDUPD

VDGHFH

ILQDQVDO

ย]HULQGHNL

Doร•GDQ GHรทLO

HWNLOHUL

Doร•Vร•QGDQ

GDKD

oRN NXUXP

GHรทHUOHQGLULOPHOLGLU

%HOLUOHQHQ ULVNOHULQ WยPย ยตoRN |QHPOLยถ RODUDN DGODQGร•Uร•ODPD] 5LVN GHUHFHVLQH J|UH GDKD D] |QHP WDรบร•\DQ ULVNOHU Gร•รบ IDNW|UOHU ร•รบร•รทร•QGD Gย]HQOL RODUDN LQFHOHQPHOL

YH

|QHP

GHUHFHVLQLQ

EDรบODQJร•oWDNL

Gย]H\LQGH

NDOPDVร•

VDรทODQPDOร•Gร•U 5LVNOHULQ EHOLUOHQLS |QHP GHUHFHVLQH J|UH Vร•UDODQPDVร•QGDQ VRQUDDรบDรทร•GDVร•UDODQDQIDNW|UOHULQGLNNDWHDOร•QPDVร•ID\GDOร•RODFDNWร•U D  <|QHWLFLOHULQULVNLNDEXOHGLSHWPH\HFHรทL %HOLUOHQHQ KHU ULVN NXUXP KHGHIOHUL NDSVDPร•QGD GHรทHUOHQGLULOPHOLGLU <|QHWLP NXUXOX ULVNOHULQ NXUXP KHGHIOHULQLQ JHUoHNOHรบWLULOPHVL VRQXFXQGD HOGH HGLOHFHN ID\GD\ร• Dรบร•S DรบPD\DFDรทร•QD NDUDU YHUPHOLGLU (รทHU NDUDU GHYDP HWPHNVH \|QHWLP NXUXOX EHOLUOL NRQWURO VWUDWHMLOHUL X\JXOD\DUDN ULVNOHULQ QDVร•O \|QHWLOHFHรทLQLEHOLUOHPHOLGLU E  5LVNLPLQLPL]HHWPHYH\DULVNWHQNDoร•QPD\D\|QHOLNNRQWUROVWUDWHMLVLQLQ QHROPDVร•JHUHNWLรทL .RQWURO VWUDWHMLOHUL ULVNL NDEXO HWPH WUDQVIHU HWPH DQODรบPD NRรบXOODUร•Qร• GHรทLรบWLUHUHN ULVNL NDUรบร• WDUDID \ยNOHPH  HOLPLQH HWPH NRQWURO RSHUDV\RQHO DรบDPDGD NRQWURO NR\PD  ULVNL SD\ODรบPD VLJRUWDODPD YH ULVNWHQ NDoร•QPD\ร• LoHULU F  5LVN \|QHWLPL YH NRQWUROยQ ROXรบWXUXOPDVร• YH L]OHQPHVLQGHQ NLPLQ VRUXPOX RODFDรทร•

 


5LVN \|QHWLPLQH LOLรบNLQ VRUXPOXOXN VDGHFH ELU NLรบLGH ROPDPDOร•Gร•U )DUNOร• DNWLYLWHOHUGHQVRUXPOXNLรบLOHUDUDVร•QGDSD\ODรบWร•Uร•OPDOร•Gร•U G .RQWUROPHNDQL]PDODUร•Qร•QX\JXODQPDVร•QGDQVRQUDNDODQULVNLQQHROGXรทX .RQWURO

VWUDWHMLVLQLQ

X\JXODQPDVร•QGDQ

VRQUD

NDODQ

ULVN

VHYL\HVLQLQ

EHOLUOHQPHVL LoLQ ELU GHรทHUOHQGLUPH \DSร•OPDOร•Gร•U 'LNNDWH DOร•QPDVร• JHUHNHQ |QHPOL ELU QRNWD GD ULVNLQ WDPDPHQ RUWDGDQ NDOGร•Uร•ODPD\DFDรทร•Gร•U .kU HOGH HWPHN LoLQ ED]ร• ULVNOHUH NDWODQPDN  NDoร•Qร•OPD] ROGXรทXQGDQ WยP ULVNOHUL RUWDGDQ NDOGร•UPD\D oDOร•รบPDQร•Q ELU ID\GDVร• \RNWXU 5LVN SURILOL YH ULVNLQ QDVร•O \|QHWLOHFHรทLQLELOPHN|QHPOLGLU H (UNHQX\DUร•PHNDQL]PDODUร•Qร•QQHROGXรทXQXQEHOLUOHQPHVL (UNHQ X\DUร• PHNDQL]PDODUร• ยVW \|QHWLP YH \|QHWLP NXUXOXQXQ KHUKDQJL ELU SUREOHP LoLQGHQ oร•Nร•ODPD] ELU KDO DOPDGDQ X\DUร•OPDVร•Qร• VDรทOD\DQ UDSRUODPD VยUHoOHULGLU %X Doร•GDQ WHPHO ULVN J|VWHUJHOHUL RODVร• SUREOHPOHUH LOLรบNLQ HUNHQ |QOHP DOร•QPDVร• Doร•Vร•QGDQ HUNHQ X\DUร• PHNDQL]PDODUร•QGD X\JXODQDQ ELU \|QWHPGLU $\Uร•FD NXUXP KHGHIOHUL YH SODQODUร•Qร•Q |OoยOHELOLU SHUIRUPDQV KHGHIOHUL

YH

J|VWHUJHOHULQL

GH

LoHUPHVL

JHUHNLU

7HPHO

SHUIRUPDQV

J|VWHUJHOHUL HUNHQ X\DUร• PHNDQL]PDODUร• Doร•Vร•QGDQ ID\GDOร• RODELOLUOHU EXQXQOD ELUOLNWH

JHoPLรบWHNL

EHOLUWLOHQ

DPDo

VRQXoODUร•

LoLQ

\HWHUOL

UDSRU

HWPH\H

ROPD\DELOLUOHU

\|QHOLN

$\Uร•FD

WDVDUODQGร•NODUร•QGDQ

]DPDQ

LoLQGH

|QHPOL

KDQGLNDSODU ROXรบXUVD RUWD\D oร•NDFDN ROXPVX] HWNL YH ND\ร•SODUร• JLGHUPHN oRN ]RU RODELOLU 'ROD\ร•Vร•\OD WHPHO SHUIRUPDQV J|VWHUJHOHULQLQ \DQร•QGD WHPHO ULVN J|VWHUJHOHULQLGHGLNNDWHDOPDNJHUHNLU

5LVNdHรบLWOHUL

5LVN \|QHWLPLQLQ |QHPOL ELU |รทHVL RODQ ULVN GHรทHUOHPH VยUHFLQGH |QFHOLNOH ELU EDQNDQร•Q PDUX] NDODELOHFHรทL ULVNOHULQ WDQร•PODQPDVร• JHUHNLU %X DรบDPDGD

EDQNDQร•Q

PDUX]

NDOGร•รทร•

ULVNOHULQ

|]HOOLNOHUL

WDULI

HGLOLS

WยP

ELULPOHULQ EX KXVXVODUGD ELOJL VDKLEL ROPDVร• VDรทODQPDOร•Gร•U %''. <|QHWPHOLN  PDGGH   *HQHO RODUDN NDUรบร•ODรบร•ODELOHFHN ULVNOHUL DรบDรทร•GDNL EDรบOร•NODU DOWร•QGDWRSOD\DELOLUL] .UHGL ULVNL EDQND PยรบWHULVLQLQ \DSร•ODQ V|]OHรบPH JHUHNOHULQH X\PD\DUDN \ยNยPOยOยรทยQย Nร•VPHQ YH\D WDPDPHQ ]DPDQร•QGD \HULQH JHWLUHPHPHVLQGHQ GROD\ร•EDQNDQร•QNDUรบร•ODรบWร•รทร•GXUXPX

 


/LNLGLWH

ULVNL

EDQNDQร•Q

QDNLW

DNร•รบร•QGDNL

GHQJHVL]OLN

VRQXFXQGD

QDNLW

oร•Nร•รบODUร•Qร• WDP RODUDN YH ]DPDQร•QGD NDUรบร•OD\DFDN Gย]H\GH YH QLWHOLNWH QDNLW PHYFXGXQDYH\DQDNLWJLULรบLQHVDKLSEXOXQPDPDVร• hONH ULVNL XOXVODUDUDVร• NUHGL LรบOHPOHULQGH NUHGL\L DODQ NLรบL \D GD NXUXOXรบXQ IDDOL\HWWH EXOXQGXรทX ยONHQLQ HNRQRPLN VRV\DO YH SROLWLN \DSร•Vร• QHGHQL\OH \ยNยPOยOยรทยQ

Nร•VPHQ

YH\D

WDPDPHQ

]DPDQร•QGD

\HULQH

JHWLULOHPHPHVL

LKWLPDOLQL รธWLEDU

ULVNL

IDDOL\HWOHULQGHNL

EDรบDUร•Vร•]Oร•NODU

\D

GD

PHYFXW

\DVDO

Gย]HQOHPHOHUH X\JXQ GDYUDQร•OPDPDVร• QHWLFHVLQGH EDQND\D GX\XODQ JยYHQLQ D]DOPDVร•YH\DLWLEDUร•Qร•Q]HGHOHQPHVLLOHRUWD\Doร•NDELOHFHNND\Eร• 'ย]HQOHPHOHUH

X\XOPDPD

ULVNL

PHY]XDW

KยNยPOHULQH

YH

\DVDO

\ยNยPOยOยNOHUHX\XOPDPDVร•VRQXFXRUWD\Doร•NDELOHFHNND\Eร• 3L\DVD ULVNL ELODQoR LoL YH ELODQoR Gร•รบร• KHVDSODUGD EDQNDODUFD WXWXODQ SR]LV\RQODUGD ILQDQVDO SL\DVDGDNL GDOJDODQPDODUGDQ ND\QDNODQDQ IDL] NXU YH KLVVH VHQHGL IL\DW GHรทLรบPHOHULQH EDรทOร• RODUDN RUWD\D oร•NDQ IDL] RUDQร• ULVNL KLVVH VHQHGL SR]LV\RQ ULVNL YH NXU ULVNL JLEL ULVNOHU QHGHQL\OH ]DUDU HWPH LKWLPDOLQL 2SHUDV\RQHO ULVN EDQND  LoL NRQWUROOHUGHNL DNVDPDODU VRQXFX KDWD YH XVXOVย]OยNOHULQ



J|]GHQ

NDoPDVร•QGDQ

EDQND

\|QHWLPL

YH

SHUVRQHOL

WDUDIร•QGDQ ]DPDQ YH NRรบXOODUD X\JXQ KDUHNHW HGLOHPHPHVLQGHQ EDQND \|QHWLPLQGHNL KDWDODUGDQ ELOJL WHNQRORMLVL VLVWHPOHULQGHNL KDWD YH DNVDPDODU LOH GHSUHP \DQJร•Q VHO JLEL IHODNHWOHUGHQ ND\QDNODQDELOHFHN ND\ร•SODUร• \D GD ]DUDUDXรทUDPDLKWLPDOLQL )DL] RUDQร• ULVNL IDL] RUDQODUร•QGDNL KDUHNHWOHU QHGHQL\OH EDQNDQร•Q SR]LV\RQ GXUXPXQDEDรทOร•RODUDNPDUX]NDODELOHFHรทL]DUDULKWLPDOLQLLIDGHHGHU

       

 


5LVNgOoP0HWRGRORMLOHUL$oÕVÕQGDQ5LVNOHULQ 6ÕQÕIODQGÕUÕOPDVÕ <XNDUÕGD

EHOLUWLOHQ

ULVNOHU

JHQHO

DQODPGD

PDUX]

NDOÕQDQ

ULVNOHU

ROPDNOD ELUOLNWH ULVNOHUL ND\QD÷Õ YH \DUDWWÕNODUÕ HWNL\H J|UH VÕQÕIODQGÕUPDN ULVN |OoP PHWRGRORMLOHUL DoÕVÕQGDQ NROD\OÕN VD÷ODU 5LVNOHU EHOLUOHQGLNWHQ VRQUD HWNLOHUL DoÕVÕQGDQ LQFHOHQGL÷LQGH \NVHN RUWD YH GúN ULVN JUXEXQGDQ ELULQGH GH÷HUOHQGLULOHUHN JHUHNOL |QOHPOHULQ DOÕQPDVÕ VD÷ODQÕU  5LVN |OoP PHWRGRORMLOHUL DoÕVÕQGDQ ULVNOHU RSHUDV\RQHO LQVDQ ND\QDNODUÕ oHYUH ELOJL WHNQRORMLVL NDUDU YHUPH DúDPDVÕQGD ELOJL ULVNL YH ILQDQVDO ULVN ROPDN ]HUH DOWÕEDúOÕNDOWÕQGDLQFHOHQPLúWLU

™



2SHUDV\RQHO5LVN 2SHUDV\RQHO

ULVN

NXUXPXQ

LúOHPOHULQ

HWNLQOL÷L

YH

YHULPOLOL÷L

YDUOÕNODUÕQ NRUXQPDVÕ YH EWQO÷ VD÷ODPD\D \|QHOLN ULVNOHULQ EHOLUOHQPHVL YH

\|QHWLOPHVLQGH

EDúDUÕVÕ]

ROPDVÕ

YH

GROD\ÕVÕ\OD

KHGHIOHULQL

JHUoHNOHúWLUHPHPHVLGXUXPXQGDRUWD\DoÕNDU 2SHUDV\RQHOULVNWHGH÷HUOHQGLULOPHVLJHUHNHQXQVXUODU øúOHPOHULQ |QHPL NULWLNOL÷L  <DSÕODQ LúOHPLQ KHGHIOHU DoÕVÕQGDQ |QHPL YH LúOHPLQNXUXP]HULQGHNLHWNLVLQLLIDGHHGHU 'H÷LúLNOLNOHU

øúOHPOHUGH

NXUXP

LoL

KHGHIOHUH

XODúPD\Õ

HWNLOH\HFHN

GH÷LúLNOLNOHULQ ROXS ROPD\DFD÷ÕQÕQ GH÷HUOHQGLULOPHVLGLU %X GXUXPD |UQHN RODUDN \HQL UQ YH\D WHNQRORMLQLQ WDQÕWÕPÕ Lú KDFPLQGH KÕ]OÕ ELU Gúú YH\D \NVHOLúYHNXUXPXQ\HQLGHQ\DSÕODQPDVÕYHULOHELOLU <|QHWLPLQ

GH÷LúLNOL÷H

\|QHOLN

WDYUÕ

hVW

\|QHWLPLQ

NXUXP

KHGHIOHUL

]HULQGH E\N HWNLVL RODELOHFHN RSHUDV\RQHO YH NXUXPVDO GH÷LúLNOLNOHUH ]DPDQÕQGD

FHYDS YHUHELOPHVL

GXUXPXQX LIDGH

HGHU

'H÷LúLNOL÷H FHYDS

YHUHELOPH DoÕVÕQGDQ VW \|QHWLPLQ NXOODQPÕú ROGX÷X \|QWHPLQ HWNLQOL÷L GH÷LúHQ NRúXOODU NDUúÕVÕQGD \|QHWLPLQ EDúDUÕVÕ YH \|QHWLPLQ GH÷LúLNOLNOHUL LOH Lo YH GÕú KDEHUOHúPH VLVWHPOHULQL GH÷HUOHQGLUPHGH NXOODQGÕ÷Õ ULVN GH÷HUOHPH PHWRGRORMLVL

\|QHWLPLQ

GH÷LúLNOL÷H

\|QHOLN

WDYUÕQGD

J|]|QQH

DOÕQDFDN

KXVXVODUGÕU

š # :2;› œ9  /GM !'19žŸ"K' ; œK  €¡     1&  '' '+¢9$M  4£¤¤£(  1'            !¥      

 



 


3HUIRUPDQV DODQร•QGDNL JHOLรบPHOHU 3L\DVD KHGHIOHUL JHOLU KHGHIOHUL VLVWHP KHGHIOHUL SHUIRUPDQV YH NDOLWH |OoยWOHUL VHUYLV Gย]H\LQGHNL KHGHIOHU JLEL NXUXPLoLKHGHIOHUHXODรบร•OPDVร•Qร•HWNLOH\HQIDNW|UOHULLoHULU รธรบH \HQLGHQ EDรบODPD .XUXPXQ KHUKDQJL ELU IHODNHW ROXรบPDVร• GXUXPXQGD WHNUDU HVNL LรบOH\LรบLQH G|QHELOPHVL LoLQ HWNLOL SURVHGยUOHULQ ROXS ROPDPDVร• GXUXPXQX LIDGH HGHU %X GXUXP GD DFLO GXUXPODU LoLQ \HWHUOL HรทLWLP SODQD LOLรบNLQ

G|NยPDQODUร•Q

SURJUDPODUร•Q

WDP

WHNUDU

JHUL

YH

NROD\

\ยNOHPH

WDNLS

HGLOHELOLU

LPNDQร•Qร•Q

ROPDVร•

ROPDVร•

NXOODQร•ODQ

SODQร•Q

LQFHOHQLS

RQD\ODQร•S WHVW HGLOPHVL GHรทHUOHPH NDUDU YH ELOGLUL SURVHGยUOHULQLQ HWNLQOLรทLQL LoHULU รธรบOHPOHULQ NDUPDรบร•NOร•รทร• รธรบOHPOHULQ QH NDGDU NDUPDรบร•N YH ELUELUOHUL\OH LOLรบNLOL ROGXรทXQX LIDGH HGHU รธรบOHPOHULQ NDUPDรบร•NOร•รทร•Qร• HWNLOH\HQ IDNW|UOHU DUDVร•QGD GLรทHU E|OยPOHUOH LOLรบNLOHU NXUXPXQ YH IRQNVL\RQHO ELULPOHULQ RUJDQL]DV\RQHO \DSร•Vร• ELU LรบOHPH DLW NDUDUร•Q GLรทHU ELU LรบOHPL QDVร•O HWNLOHGLรทL IDUNOร• \HUOHUGHNL LรบOHPOHULQ EHQ]HUOLรทL LรบOHPOHULQ KDFPL VD\ร•Vร• LรบOHPH LOLรบNLQ RWRPDV\RQXQ GHUHFHVLYH|QHPL\HUDOร•U (WNLQOLN .D\QDNODUร•Q  HWNLQ YH HNRQRPLN NXOODQร•Pร•Qร• VDรทODPD\D \|QHOLN HWNLOL \|QWHP

YH

LรบOHPOHULQ

NRQWUROOHULQ HWNLQOLรทLQL

\ยUยUOยNWH

YH

ROPDVร•Qร•

HNRQRPL\L

LIDGH

HGHU

L]OHPHVLQH

hVW

\|QHOLN

\|QHWLPLQ RSHUDV\RQ

VWDQGDUWODUร•Qร•Q \ยUยUOยNWH ROXS ROPDGร•รทร• RSHUDV\RQ SHUIRUPDQVODUร•\OD ยUHWLP VWDQGDUWODUร•Qร•Q

NDUรบร•ODรบWร•Uร•OPDVร•

JHUL

\ยNOHPHOHULQ

ROPDVร•

Gย]JยQ

SURVHGยUOHULQ NXUXOPDVร• HWNLOL Lรบ DNร•รบร• YH \HWHUOL LรบOHP HNLSPDQร• HWNLQOLรทL VDรทODPDGDGLNNDWHDOร•QPDVร•JHUHNHQ|รทHOHUGLU %HNOHQPH\HQ ROD\ODU KDWDODU YH LSWDOOHU hVW \|QHWLPLQ KDWDODUร•Q HWNLVLQL EHOLUOHPH\H D]DOWPD\D YH\D |QOHPH\H  \|QHOLN HWNLOL L]OHPH PHWRGODUร•Qร•Q ROXSROPDGร•รทร•Qร•LIDGHHGHU รธo NRQWURO \DSร•Vร•Qร•Q \HWHUOLOLรทL YH HWNLQOLรทL .RQWURO \DSร•Vร•Qร•Q ROXรบWXUXOPDVร• SROLWLND VWDQGDUW YH SURVHGยUOHUH X\XPOXOXรทXQ GHรทHUOHQGLULOPHVL HQ VRQ GHQHWLP YH GHรทHUOHQGLUPHOHULQ VRQXoODUร• EHOLUOHQHQ SUREOHPOHUL o|]HELOPH ยVW

\|QHWLP

WDQร•PODQPD NXOODQร•Oร•รบร• 

ULVN VยUHFL

GHรทHUOHPHVLQLQ YH

RWRPDV\RQ

|QHPLQLQ X\JXODQDQ

WDPDPODQPDVร•

GHรทHUOHQGLULOPHVL DODQODUGDNL

KDQGLNDSODUร•Qร•LoHULU

 

Lo

YH

ULVN

]D\ร•IOร•NODU

Gร•รบ

ULVNOHULQ

GHรทHUOHPHQLQ YH\D

NRQWURO


6WUDWHMLN 3ODQODPD hVW \|QHWLPLQ KHGHIOHULQ Doร•NoD EHOLUOHQLS NXUXP LoLQGH ELOLQPHVLQL YH oDOร•รบDQODU WDUDIร•QGDQ GD |]ยPVHQPHVLQL VDรทOD\DQ HWNLOL ELU \|QWHPH VDKLS ROGXรทXQX J|VWHULU +HGHIOHULQ YH DPDoODUร•Q Doร•NoD WDQร•PODQร•S Gย]JยQ ELU รบHNLOGH EHOJHOHQGLรทL ELU PLV\RQXQ ROPDVร• ELUH\VHO LรบOHPOHUH LOLรบNLQ KHGHIOHULQ

NXUXP

oDSร•QGDNL

KHGHIOHUOH

WXWDUOร•

ROPDVร•

LรบOHPOHU

DUDVร•

WDPDPOD\ร•Fร•Oร•N YH GHVWHN R DQNL NRรบXOODUOD WXWDUOร•Oร•N KHGHI YH DPDoODUร•Q EDQNDQร•QWยPLรบVWUDWHMLVLQLGHVWHNOHPHVLYHKHGHIOHULQEDรบDUร•OPDVร•QGDLKWL\Do GX\XODQND\QDNODUVWUDWHMLNSODQODPDQร•QXQVXUODUร•Gร•U

2SHUDV\RQHOULVNHLOLรบNLQVNRUWDQร•PODUร•YHULVNGย]H\OHUL  5LVN VHYL\HVL 'ยรบยN  hVW \|QHWLP NXUXPXQ IDDOL\HWOHULQH \|QHOLN PDUX] NDOGร•รทร• KHU WยUOย ULVNLQ EHOLUOHQPHVL YH NRQWUROยQGH ROGXNoD HWNLOLGLU รธรบOHPOHULQ HWNLQOLรทL

YH

YHULPOLOLรทL

YDUOร•NODUร•Q

NRUXQPDVร•

YH

EยWยQOยNOH

X\XรบPD\DQ

GXUXPODU\DoRND]Gร•U\DGDKLo\RNWXU  5LVN VHYL\HVL 2UWD  hVW \|QHWLP NXUXPXQ IDDOL\HWOHULQH \|QHOLN PDUX] NDOGร•รทร• KHU WยUOย ULVNLQ EHOLUOHQPHVL YH NRQWUROยQGH HWNLOLGLU รธรบOHPOHULQ HWNLQOLรทL YHYHULPOLOLรทLYDUOร•NODUร•QNRUXQPDVร•YHEยWยQOยNOHX\XรบPD\DQGXUXPODUYDUGร•U YH\D ROXรบPD RODVร•Oร•รทร• YDUGร•U DPD EXQODU NXUXPXQ KHGHIOHULQH XODรบPDVร•Qร• HWNLOHPHPHOLGLU 

5LVN

VHYL\HVL

<ยNVHN 

gQHPOL

ULVNOHULQ

EHOLUOHQPHVL

L]OHQPHVL

YH

NRQWUROยQH \|QHOLN HWNLOL \|QHWLP PHNDQL]PDVร•Qร•Q ROPD\ร•รบร•Qร•Q J|VWHUJHVLGLU .XUXPXQKHGHIOHULQHXODรบPDVร•Qร•HQJHOOHU

รธQVDQ.D\QDNODUร•5LVNL รธQVDQ ND\QDNODUร• ULVNL GยUยVWOยN HWLN GHรทHUOHU YH X\JXQ RUJDQL]DV\RQ \DSร•Vร•Qร•Q \RNOXรทXQGD YH\D NXUXP \|QHWLPL LOH oDOร•รบDQODUร•Q \HWHUVL]OLรทLQGH RUWD\Doร•NDU%XULVNNDWHJRULVLQGHGHรทHUOHQGLULOPHVLJHUHNHQXQVXUODU <HWHUOLOLN HรทLWLP YH JHOLรบPH hVW \|QHWLP Lรบ WDQร•PODUร•\OD \HWHUOLOLN VHYL\HVLQL Doร•N ELU ELoLPGH EHOLUOHPHOL YH LVWHQHQ QLWHOLNWHNL SHUVRQHOL LรบH DOPDOร•Gร•U (WNLOL HรทLWLP

YH

JHOLรบPH

VยUHFL

X\JXODQร•S

HWNLQ

ELU

ELoLPGH

NXOODQร•OPDOร•Gร•U

3HUVRQHOLQ HรทLWLP LKWL\DoODUร• NDUรบร•ODQPDOร• YH PRWLYH HGLOPHOLGLU hVW \|QHWLP GHรทLรบHQ

Lรบ

LKWL\DoODUร•QD

EDรทOร•

RODUDN

SHUL\RGLN

RODUDN

SHUVRQHO

HรทLWLP

LKWL\DoODUร•Qร• GHรทHUOHQGLUPHOLGLU +HU VHYL\HGHNL SHUVRQHO LรบLQ JHUHNOHUL\OH RUDQWร•Oร•ELOJLYH\HWHQHรทHVDKLSROPDOร•Gร•U

 


2UJDQL]DV\RQHO \DSร• .XUXPXQ Gย]HQOL ELU รบHNLOGH |UJยWOHQPHVL YH WHPHO VRUXPOXOXN YH \HWNL DODQODUร•QD J|UH D\Uร•OPDVร•Qร• LIDGH HGHU6RUXPOXOXNODUร•Q YH \HWNLQLQ  YHULOPHVL NRQWURO YH KHVDS YHULOHELOLUOLN Doร•Vร•QGDQ ELU WHPHO ROXรบWXUXU YH

oDOร•รบDQODUร•Q

PHUNH]LOHรบPLรบ

UROOHULQL

ROXS

EHOLUOHU

ROPDGร•รทร•

รธรบOHPOHULQ

NXUXP

QLWHOLรทLQH

\DSร•Vร•Qร•Q

NXUXP

J|UH LoL

NXUXPXQ

ELOJL

DNร•รบร•Qร•

NROD\ODรบWร•UPDVร• VRUXPOXOXNODUร•Q Doร•NoD WDQร•PODQPDVร• YH ELOGLULOPHVL HWNLOL KDEHUOHรบPH\L VDรทODPD\D \|QHOLN X\JXQ UDSRUODPD LOLรบNLOHULQLQ ROPDVร• J|UHY GDรทร•Oร•Pร•Qร•Q \|QHWLPLQ

\HWHUOL

ROPDVร•

RUJDQL]DV\RQHO

LรบOHPOHUGHNL \DSร•\ร•

GHรทLรบLNOLNOHUH

SHUL\RGLN

EDรทOร•

RODUDN

RODUDN

ยVW

GHรทHUOHQGLUPHVL

oDOร•รบDQODUร•Q VD\ร•Vร• YH NRQWURO DODQร•Qร•Q X\JXQOXรทX RUJDQL]DV\RQHO \DSร•GD GLNNDWHDOร•QPDVร•JHUHNHQ|รทHOHUGLU /LGHUOLN

YH

HWLN

GDYUDQร•รบODU

<|QHWLPLQ

GยUยVWOยN

YH

HWLN

VWDQGDUWODUร•

VDรทODPD\D \|QHOLN WXWXPXGXU 'DYUDQร•รบ NRGODUร• YH X\JXODQPDVร• Lรบ SUDWLรทLQH LOLรบNLQ SROLWLNDODU oDWร•รบPD DODQODUร• HWLN YH DKODNL GDYUDQร•รบ VWDQGDUWODUร• SROLWLND YHSURVHGยUOHUHD\Nร•Uร•Oร•NPยGDKDOHYHNRQWUROยQDWODWร•OPDVร•GXUXPODUร•QDNDUรบร• ยVW \|QHWLPLQ WDYUร• \|QHWLPLQ IHOVHIHVL YH Lรบ VWLOL SHUIRUPDQV KHGHIOHULQLQ JHUoHNOHรบPHVLQH \|QHOLN DWร•Oร•PODU EHNOHQPHGLN ROD\ODU YH KLOH NRQXVXQGD NXUXPXQJHoPLรบWH\DรบDGร•NODUร•Qร•NDSVDU dDOร•รบDQODUร•Q

URWDV\RQX

dRN

ID]OD

URWDV\RQ

ROXS

ROPDGร•รทร•

oDOร•รบDQODU

Doร•Vร•QGDQ oRN ID]OD HNVLN ROXS ROPDGร•รทร• Nร•VD ELU VยUH LoLQ YH\D EHNOHQPHGLN ELUรบHNLOGHNLOLWSHUVRQHOLQ\RNOXรทXYHEXGXUXPXQLรบOHPOHUย]HULQGHNLHWNLVLQLQ GHรทHUOHQGLULOPHVLGLU dDOร•รบDQODUร•Q VHYL\HVL .XUXP SHUVRQHOLQLQ LรบLQ JHUHNOHUL\OH RUDQWร•Oร• ELOJL YH EHFHUL\H VDKLS ROPDVร•Qร• LIDGH HGHU .XUXP KHGHIOHULQL JHUoHNOHรบWLUPHN LoLQ JHUHNOL ND\QDNODUร•Q \HWHUOL ROPDVร• ยVW \|QHWLPLQ Lรบ KD\DWร•QGDNL GHรทLรบPHOHU SDUDOHOHOLQGH

SHUL\RGLN

RODUDN

SHUVRQHOLQ

VHYL\HVLQL

J|]GHQ

JHoLUPHVL

oDOร•รบDQODUร•Q YH ยVW \|QHWLPLQ ID]OD PHVDL \DSร•S \DSPDGร•NODUร• YH ELU NLรบLQLQ LรบLQGHQ GDKD ID]OD VRUXPOXOXN WDรบร•\ร•S WDรบร•PDGร•รทร• oDOร•รบDQODUร•Q LรบOHULQL HWNLQ ELU ELoLPGH \HULQH JHWLUPHOHUL LoLQ \HWHUOL ]DPDQODUร• ROXS ROPDGร•รทร• GD J|]|QยQGH EXOXQGXUXOPDVร•JHUHNHQIDNW|UOHUGLU 3HUIRUPDQVD \|QHOLN  SROLWLND YH SURVHGยUOHU 3ROLWLND YH SURVHGยUOHUH \|QHOLN G|NยPDQODUร•Q WDP ROPDVร• oDOร•รบDQODUOD KDEHUOHรบPHQLQ HWNLQOLรทL YH oDOร•รบDQODUร•Q

SROLWLND

YH

SURVHGยUOHUGHQ

KDEHUGDU

ROPDVร•

SROLWLND

YH

SURVHGยUOHUH D\Nร•Uร•Oร•N GXUXPXQGDDOร•QDFDN|QOHPOHUHWLNVWDQGDUWODUYHDKODNL

 


GHรทHUOHULQ

SROLWLND

YH

SURVHGยUOHUOH

|GยOOHQGLULOPHVL

YH

WHUIL

NULWHUOHULQLQ

\HWHUOLOLรทLQLLoHULU

รธQVDQ.D\QDNODUร•ULVNLQHLOLรบNLQVNRUWDQร•PODUร•YHULVNGย]H\OHUL  5LVN VHYL\HVL 'ยรบยN   hVW \|QHWLP YH oDOร•รบDQODUร•Q GDYUDQร•รบ NRGODUร• HWLN YH DKODNL GHรทHUOHU GยUยVWOยN  JLEL  NRQXODUD LOLรบNLQ KHUKDQJL ELU VRUXQ \DรบDPDPDVร•YH\DNยoยNVRUXQODURUWD\Doร•NVDELOHEXQXQKHGHIOHUHXODรบPD\ร• HWNLOHPHGLรทLQLLIDGHHGHU  5LVN VHYL\HVL 2UWD  hVW \|QHWLP YH oDOร•รบDQODUร•Q GDYUDQร•รบ NRGODUร• HWLN YH DKODNL GHรทHUOHU GยUยVWOยN  JLEL  NRQXODUD LOLรบNLQ VRUXQODU \DรบD\DELOHFHรทL YH\D RUWD\D oร•NPD RODVร•Oร•รทร•Qร•Q \ยNVHN ROGXรทX DPD EXQODUร•Q KHGHIOHUH XODรบPD\ร• HWNLOHPHPHVLJHUHNWLรทLQLLIDGHHGHU  5LVN VHYL\HVL <ยNVHN  hVW \|QHWLP YH oDOร•รบDQODUร•Q GDYUDQร•รบ NRGODUร• HWLN YH DKODNL GHรทHUOHU GยUยVWOยN  JLEL  NRQXODUD LOLรบNLQ VRUXQODU \DรบDGร•รทร• YH\D RUWD\D oร•NPD RODVร•Oร•รทร•Qร•Q \ยNVHN ROGXรทX YH EXQODUร•Q KHGHIOHUH XODรบPD\ร• HQJHOOH\HFHรทLQLLIDGHHGHU

dHYUH5LVNL dHYUH ULVNL NXUXPXQ KHGHI YH DPDoODUร•\OD LOJLOL WHPHO YDUVD\ร•PODUร• GHรทLรบWLUHELOHFHN KHGHIOHULQL HWNLOH\HELOHFHN Gร•รบ IDNW|UOHULQ ROXรบPDVร•\OD RUWD\D oร•NDU NL EX IDNW|UOHU GH SROLWLND GHรทLรบLNOLNOHUL \DVDO Gย]HQOHPHOHU SL\DVD HQGยVWULYHHNRQRPLNGXUXPGDNLGHรทLรบLNOLNOHURODUDNLIDGHHGLOHELOLU dHYUHULVNLQHLOLรบNLQVNRUWDQร•PODUร•YHULVNGย]H\OHUL  5LVN VHYL\HVL 'ยรบยN  .XUXPXQ Gร•รบ IDNW|UOHUGHQ KLo HWNLOHQPHPHVL YH\D oRND]HWNLOHQGLรทLQLLIDGHHGHU 

5LVN

VHYL\HVL

2UWD 

.XUXPXQ

KHGHIOHUH

XODรบPD\D

\|QHOLN

WHPHO

YDUVD\ร•PODUร•Qร•HWNLOHPH\HFHNGHUHFHGHGร•รบIDNW|UOHUGHQHWNLOHQPHVLGLU  5LVN VHYL\HVL <ยNVHN  .XUXPXQ KHGHIOHUH XODรบPD\D \|QHOLN WHPHO YDUVD\ร•PODUร•Qร•

GHรทLรบWLUHFHN

YH

KHGHIOHULQH

GHUHFHGHGร•รบIDNW|UOHUGHQHWNLOHQPHVLGLU



 

XODรบPDVร•Qร•

HQJHOOH\HFHN




%LOJL7HNQRORMLVL5LVNL %X

ULVN

NXUXPXQ

KHGHIOHULQH

XODรบPDVร•Qร•

GHVWHNOH\HQ

ELOJL

WHNQRORMLOHULQLQ LVWHQLOGLรทL JLEL LKWL\DFD FHYDS YHUHPHPHVL YH\D ELOJL YH GLรทHU YDUOร•NODUร•Q JยYHQOLรทL YH JHoHUOLOLรทLQGHNL X\XรบPD]Oร•NODUGD RUWD\D oร•NDU %X ULVN NDWHJRULVLQLHWNLOH\HQIDNW|UOHULVH



7HNQRORMLGHNL GHรทLรบLPOHU  .XOODQร•ODQ WHNQRORMLQLQ LKWL\DoODUD FHYDS YHULSYHUPHGLรทLQLQGHรทHUOHQGLULOPHVL



'HรทLรบLNOLNOHUH LOLรบNLQ \|QHWLPLQ WDYUร•  <|QHWLPLQ KHGHIOHU ย]HULQGH Eย\ยN HWNLVL RODQ WHNQRORMLN GHรทLรบLNOLNOHUH QH NDGDU Kร•]Oร• FHYDS YHUGLรทL KDUGZDUHYHVRIWZDUHLoLQX\JXQSODQODPDODU\HQLELOJLDรทODUร•



6LVWHPLQ

\|QHWLPL



6WUDWHMLN

SODQODPD

JยYHQOLN

YLUยV

|QOHPH

JยQFHOOHรบWLUPH



2ODVร•Oร•NODUร• SODQODPD  6LVWHPL ROXPVX] \|QGH HWNLOH\HFHN IDNW|UOHULQ RUWD\Doร•NPDRODVร•Oร•รทร•QDNDUรบร•Oร•NJHUL\ยNOHPHVHoHQHรทLQLQROPDVร•



%DQNDQร•Q VLVWHP JHOLรบWLUPH PHWRGRORMLVLQH EDรทOร•Oร•N YH VLVWHPLQ

\DSร•Vร• EDรบND ELU GH\LรบOH VLVWHPGH NXOODQร•ODQ ยUยQOHULQ LรบLQ QLWHOLรทLQH EDรทOร• RODUDN RUWD\D oร•NDQ ULVNOHUH NDUรบร• NRUXPD VDรทOD\ร•S VDรทODPDGร•รทร• RODUDN Vร•UDODQDELOLU %LOJLWHNQRORMLVLULVNLQHLOLรบNLQVNRUWDQร•PODUร•YHULVNGย]H\OHUL  5LVN VHYL\HVL 'ยรบยN  +HGHIOHUHXODรบPD\ร•GHVWHNOH\HQELOJLWHNQRORMLOHULQLQ LVWHQLOGLรทL JLEL LKWL\DFD FHYDS YHUPHVL YH\D ELOJL YH GLรทHU YDUOร•NODUร•Q JยYHQOLรทL YHJHoHUOLOLรทLNRQXVXQGDNยoยNX\XรบPD]Oร•NODUร•QRUWD\Doร•NPDVร•GXUXPXGXU  5LVN VHYL\HVL 2UWD  %LOJL YH GLรทHU YDUOร•NODUร•Q JยYHQOLรทL YH JHoHUOLOLรทL NRQXVXQGD X\XรบPD]Oร•NODUร•Q RUWD\D oร•NPD LKWLPDOLQLQ \ยNVHN ROGXรทX  DPD EX GXUXPXQNXUXPXQKHGHIOHULQHXODรบPDVร•Qร•HWNLOHPHGLรทLQLLIDGHHGHU  5LVN 6HYL\HVL <ยNVHN  %LUWDNร•P X\XรบPD]Oร•NODUร•Q RUWD\D oร•NWร•รทร• YH EX GXUXPXQNXUXPXQKHGHIOHULQHXODรบPDVร•Qร•HQJHOOHGLรทLQLLIDGHHGHU





 




.DUDU9HUPH$รบDPDVร•QGD%LOJL5LVNL .DUDU YHUPH\H LOLรบNLQ ELOJLQLQ WDP ROPDPDVร• JยQFHOROPDPDVร• GRรทUX ROPDPDVร• YH NDUDU YHUPH VยUHFL\OH LOJLVL] ROPDVร• YH\D JHUHNWLรทL DQGD SD\ODรบร•ODPDPDVร•ULVNLQLLIDGHHGHU 3HUIRUPDQVร•Q L]OHQPHVL hVW \|QHWLP WDUDIร•QGDQ VยUHNOL NXOODQร•ODQ ELOJL VLVWHPOHUL YH VยUHoOHUL NXUXP KHGHI YH DPDoODUร•Qร• GHVWHNOHPH\H \|QHOLN SHUIRUPDQV |OoPHN DPDFร•\OD JยYHQLOLU GRรทUX UDSRUODU ยUHWPHOL YH \|QHWLPH ]DPDQร•QGD ELOJL VDรทODPDOร•Gร•U %LOJL VLVWHPOHULQLQ HWNLQOLรทL NXOODQร•ODQ WHNQRORML NXUXODQ SHUIRUPDQV |OoยWOHULQLQ X\JXQOXรทX SHUIRUPDQV VRQXoODUร•QD LOLรบNLQ UDSRUODPD Gย]H\L NDUDU YHUPH DรบDPDVร•QGD ELOJLQLQ JยYHQLOLUOLรทLQL HWNLOH\HQ |QHPOL|รทHOHUGLU )LQDQVDO

YH

ILQDQVDO

ROPD\DQ

ELOJLQLQ

WDPOร•รทร•

YH

GRรทUXOXรทX

hVW

\|QHWLPLQ NDUDU DOPD DรบDPDVร•QGD NXOODQPร•รบ ROGXรทX ELOJLQLQ GRรทUXOXรทXQX YH HNVLNVL] ROXรบXQX VDรทOD\DQ HWNLOL ELU \|QWHPLQLQ ROPDVร• JHUHNLU %XQODU GD SROLWLNDODU

SURVHGยUOHU

SURVHGยUOHUL

|QFHNL

PXWDEDNDWร•Q

GHQHWLPOHUGHQ

HWNLQOLรทL

QRW

GRรทUXODPD

HGLOHQ

KDWDODU

YH

RQD\ODPD

LSWDOOHU

ILQDQVDO

NRQXPGD EXOXQDQ ยVW \|QHWLPLQ KD]ร•UODGร•รทร• UDSRUODUร•Q GRรทUXOXรทX YH LรบOHP VRQXoODUร•Qร• X]XQ G|QHP VWUDWHMLN SODQODU EยWoH Lo YH Gร•รบ ELOJLQLQ NXOODQร•Pร•  LoHULU 8\JXQ

YHULQLQ

VDNODQPDVร•

hVW

\|QHWLP

WDUDIร•QGDQ

VDNODQDQ

YHUL

]DPDQร•QGD XODรบร•ODELOLU ROPDOร• Lo YH Gร•รบ ROD\ODUD LOLรบNLQ ROPDOร• YH KHGHIOHUH XODรบPD\ร•HWNLOH\HFHNWHPHOULVNOHUKDNNร•QGDELOJLVDรทODPDOร•Gร•U +DEHUOHรบPH +DEHUOHรบPH NDQDOODUร•Qร•Q HWNLQOLรทL YH Doร•N ROPDVร• oDOร•รบDQODUร•Q J|UHY YH NRQWURO VRUXPOXOXNODUร•Qร•Q HWNLQOLรทLX\JXQVX]GXUXPODUร• UDSRUHWPH\H \|QHOLN SHUVRQHO LoLQ NXUXODQ KDEHUOHรบPH NDQDOODUร• \|QHWLPLQ JHOLรบPH\H \|QHOLN

oDOร•รบDQODUร•Q

|QHULOHULQL

GLNNDWH

DOPDVร•

YH

NXUXP

oDSร•QGD

KDEHUOHรบPHQLQ\HWHUOLOLรทLQLLIDGHHGHU %ยWoH YH 3ODQODPD %ยWoH YH SODQODPD VยUHFLQGH \|QHWLP WDUDIร•QGDQ NXOODQร•ODQ ELOJL DODNDOร• ]DPDQร•QGD ELWLULOPLรบ YH VLVWHP JHUHNOHULQH X\JXQ RODUDNKD]ร•UODQPร•รบROPDOร•Gร•U 

 


 

.DUDU YHUPH DรบDPDVร•QGD ELOJL ULVNLQH LOLรบNLQ VNRU WDQร•PODUร• YH ULVN Gย]H\OHUL  5LVN Gย]H\L 'ยรบยN  .DUDU DOPDGD NXOODQร•ODQ ELOJL L\L WDQร•PODQPร•รบ YH HWNLOLGLU 2UWD\D oร•NPร•รบ ELU KDWD YH\D LSWDO \RNWXU YH\D \|QHWLPLQ NDUDUODUร•Qร• HWNLOHPH\HFHNGย]H\GHPHYFXWWXU  5LVN Gย]H\L 2UWD  .DUDU DOPDGD NXOODQร•ODQ ELOJL \HWHUOLGLU +DWD YH LSWDOOHU RODELOLU

YH\D

ROPD

LKWLPDOL

\ยNVHNWLU

%X

GXUXP

\|QHWLPLQ

NDUDUODUร•Qร•

HWNLOHPH\HFHNGย]H\GHGLU  5LVN Gย]H\L <ยNVHN  .DUDU DOPD DรบDPDVร•QGD NXOODQร•ODQ ELOJL HNVLNWLU YH KDWD YH LSWDOOHU YDUGร•U YH\D ROPD LKWLPDOL oRN \ยNVHNWLU %X GXUXP \|QHWLPLQ NDUDUODUร•Qร•

ROXPVX]

\|QGH

HWNLOHU

YH

NXUXPXQ

KHGHIOHULQH

XODรบPDVร•Qร•

HQJHOOHU

)LQDQVDO5LVN

)LQDQVDO 5LVN NXUXPXQ PDUX] NDODFDรทร• ILQDQVDO ND\ร•SODUร• LIDGH HGHU )LQDQVDO

ULVNWH

GHรทHUOHQGLULOPHVL

JHUHNHQ

XQVXUODU

OLNLGLWH

JHOLUOHU

KDUFDPDODU  SURMH PDOL\HWOHUL KHVDS YHULOHELOLUOLN KHU ELU LรบOHPLQ GHรทHUL YH LรบOHPOHULQ WRSODP

JยQOยN GHรทHUL RODUDN

Vร•UDODQDELOLU )LQDQVDO ND\ร•SODUร•Q

\DQร•QGD ILQDQVDO ULVNLQ QHGHQ RODELOHFHรทL HQ Eย\ยN ULVN LWLEDU ULVNLGLU %HOOL ELU PLV\RQX RODQ YH EX GRรทUXOWXGD

KHGHIOHULQL

JHUoHNOHรบWLUPH\L DPDoOD\DQ

NXUXOXรบODUร•Q Eย\ยN PLNWDUODUGD ILQDQVDO ND\ร•SODUOD NDUรบร•ODรบPDODUร• KHP LoLQGH EXOXQGXNODUร•

VHNW|UGH

KHP

GH

WRSOXPXQ

J|]ยQGH

JยYHQLOLUOLNOHULQLQ

]HGHOHQPHVLQHVHEHSROXU )LQDQVDOULVNHLOLรบNLQVNRUWDQร•PODUร•YHULVNGย]H\OHUL  5LVN Gย]H\L 'ยรบยN  .XUXPXQ PDUX] NDODFDรทร• ILQDQVDO ND\ร•SODU YH EXQD EDรทOร•RODUDNRUWD\Doร•NDFDNLWLEDUULVNLQLQPLQLPXPGย]H\GHROPDVร•Gร•U  5LVN Gย]H\L 2UWD  .XUXPXQ PDUX] NDODFDรทร• ILQDQVDO ND\ร•SODU YH EXQD EDรทOร•RODUDNRUWD\Doร•NDFDNLWLEDUULVNLVร•Qร•UOร•Gร•U

 


 5LVN 'ย]H\L <ยNVHN  .XUXPXQ PDUX] NDODFDรทร• ILQDQVDO ND\ร•SODU YH EXQD EDรทOร•RODUDNRUWD\Doร•NDFDNLWLEDUULVNLPD[LPXPGย]H\GHGLU รธo NRQWURO VLVWHPOHULQGH ULVN GHรทHUOHPHVL YH ULVN |OoยPย D\Uร•QWร•Oร• ELU รบHNLOGH

LQFHOHQGLNWHQ

VRQUD

ELU

VRQUDNL E|OยPGH

JHQHO

RODUDN

PHUNH]

EDQNDODUร•QGD Lo NRQWURO YH ULVN GHรทHUOHPHVLQH GHรทLQLOHFHN YH $OPDQ 0HUNH] %DQNDVร• Qร•QEXNRQXGDNLX\JXODPDODUร•LQFHOHQHFHNWLU

 


%(รนรธ1&รธ%g/h0

0(5.(=%$1.$/$5,1'$รธd.21752/9( 5รธ6.'(รถ(5/(0(6รธ

0HUNH]EDQNDVร•ELUยONHQLQSDUDSROLWLNDVร•Qร•EHOLUOHPHGHQVRUXPOXYH ยณEDQNDODUร•Q

EDQNDVร•ยด

RODUDN

GD

DGODQGร•Uร•ODQ

HNRQRPLQLQ

WHPHO

NDPX

NXUXOXรบODUร•QGDQ ELULGLU 7HPHO J|UHYL ยONHGH IL\DW LVWLNUDUร•Qร• VDรทODPDN RODQ PHUNH] EDQNDODUร• WDULKVHO RODUDN ILQDQVDO VLVWHPLQ LVWLNUDUร• LoLQ HQ VRQ ERUo YHUPH PDNDPร• RODUDN WLFDUL EDQNDFร•Oร•N VLVWHPLQLQ EDQNDVร• SDUD DU]ร• NRQWUROย YH EยWoH Doร•รทร• ILQDQVPDQร• LoLQ NDPX VHNW|UยQยQ EDQNDVร• ROPD LรบOHYOHULQL \ยUยWPยรบOHUGLU

7ยP

EX

LรบOHYOHULQ

ร•รบร•รทร•QGD

ILQDQVDO

SL\DVDODUGD

ELU

|QFย

UROย

J|]HWPHVL JHUHNHQ PHUNH] EDQNDODUร•Qร•Q GD LรบOHPOHULQLQ HWNLQOLรทL YHULPOLOLรทL JยYHQOLรทL NDQXQ YH Gย]HQOHPHOHUH X\JXQOXรทXQXQ EDQND <|QHWLP .XUXOXยถQFD L]OHQPHVL

JHUHNLU

<|QHWLP

NXUXOX

EDQNDGDNL

WยP

IDDOL\HWOHUH

KDNLP

RODPD\DFDรทร•QGDQ NXUDO RODUDN VDGHFH LรบOHPOHULQ \ยUยWยOPHVLQL VDรทOD\DFDN RUJDQL]DV\RQHO ELU oHUoHYH EHOLUOH\HELOLU %X oHUoHYH\H GD\DQDUDN LGDUH PHUNH]LQGHNL YH รบXEHOHUGHNL ELULP \|QHWLFLOHUL LรบOHULQ Gย]JยQ JยYHQOL YH HWNLQ ELU รบHNLOGH \ยUยWยOPHVLQL VDรทODPDOร•Gร•U %XQXQOD ELUOLNWH GHQH\LPOHU ELULP \|QHWLFLOHULQLQ J|UHYOHULQL WDP DQODPร•\OD \HULQH JHWLUPHPHOHUL GXUXPXQGD GDKD DOW NDGHPHOHUGHNL J|UHY GDรทร•Oร•Pร•Qร•Q EDQND\D ]DUDU JHWLUHELOHFHรทLQL J|VWHUPLรบWLU %X QHGHQOH J|UHY GDรทร•Oร•Pร• \|QHWLP NXUXOXQXQ HWNLQ LรบOH\HQ L]OHPH YH GHQHWLP PHNDQL]PDODUร•QDVDKLSROPDVร•Qร•JHUHNWLULU$\Uร•FDPHUNH] EDQNDVร•Qร•Q KHGHI YH VRUXPOXOXNODUร•Qร•Q  WLFDUL EDQNDODU YH ILQDQV NHVLPLQGHQ IDUNOร• ROPDVร• PDUX] NDOGร•รทร• ULVNOHULQ ILQDQVDO YH SL\DVD\D GD\DOร• ULVNOHULQ oRN |WHVLQGHLWLEDUYHNUHGLELOLWHND\Eร•QD\RODoPDVร•QDVHEHSROXU

 


%X QHGHQOH IDDOL\HWOHULQ Gย]JยQ YH GRรทUX ELU รบHNLOGH \DSร•ODELOPHVL ULVNOHULQ YH ND\ร•SODUร•Q PLQLPL]H HGLOPHVL YH NXUXPXQ LรบOH\LรบLQL WHKOLNH\H VRNDFDN IDNW|UOHULQ EHOLUOHQPHVL YH ]DPDQร•QGD PยGDKDOHVL LoLQ \|QHWLP NXUXOODUร•Qร•QHQD]ร•QGDQLNLPHNDQL]PD\DLKWL\DoODUร•YDUGร•U  *ยYHQLOLUYHL\LLรบOH\HQELULoNRQWUROVLVWHPL %Dรทร•PVร•]ELULoGHQHWLPELULPL

0HUNH]%DQNDVร•QGD(WNLOLรธo.RQWURO6LVWHPLQLQgรทHOHUL 0HUNH] EDQNDVร•QGD HWNLOL Lo NRQWURO VLVWHPLQLQ |รทHOHUL  JHQHO  YH VSHVLILNNULWHUOHUROPDNย]HUHLNLEDรบOร•NDOWร•QGDWRSODQDELOLU D  *ยoOยELULoNRQWUROVLVWHPLLoLQJHQHONULWHUOHU



.RQWURO \DSร•Vร• 8\JXODQDFDN NRQWURO SROLWLNDODUร• YH SURVHGยUOHULQLQ HWNLQOLรทLQL EHOLUOHPHGH HWNLOL RODQ \|QHWLP IHOVHIHVL |UJยWVHO \DSร• ยVW\|QHWLPLQNRQWURO\|QWHPOHUL SHUVRQHOSROLWLNDYHX\JXODPDODUร• LOHLoGHQHWLPLNDSVD\DQIDNW|UOHULLIDGHHGHU



%DQNDFร•Oร•N VHNW|UยQGHNL SRWDQVL\HO ULVNOHUL J|]|QยQH DODQ X\JXQ ELU \DSร• g]HOOLNOH Eย\ยN VRUXPOXOXNODU JHUHNWLUHQ YH WDรบร•Gร•รทร• ULVNOHULQ |QHPOL ND\ร•SODUD \RO DoDELOHFHรทL EDQND LรบOHPOHUL EDรบWD ROPDN ย]HUH EDQND JHQHOLQGH J|UHY YH VRUXPOXOXNODUร•Q Doร•N ELU ELoLPGHWDQร•PODQGร•รทร•RUJDQL]DV\RQHO\DSร•Gร•U



%DQNDGDNL WยP IDDOL\HWOHUL LoHUHQ X\JXQ GDKLOL ELOJL VLVWHPOHUL (WNLOL ELU Lo NRQWURO VLVWHPL EDQNDGDNL WยP IDDOL\HWOHUL NDSVD\DQ JยYHQLOLU ELOJL VLVWHPOHULQL JHUHNWLULU 6|] NRQXVX VLVWHPOHU EDQND LoLQGH ELULPOHU YH oDOร•รบDQODU DUDVร•QGD NRRUGLQDV\RQX VDรทOD\DUDN JยYHQLOLUYHGRรทUXND\ร•WODUDXODรบร•OPDVร•QDNDWNร•GDEXOXQXUODU

E  6SHVLILNLoNRQWUROOHU



รธรบOHPSURVHGยUOHULQGHNLNRQWUROOHU



<|QHWLFLOHULQYHGHQHWoLOHULQNRQWUROYHJ|]HWLPIDDOL\HWOHUL



5LVNNRQWUROยYHULVN\|QHWLPL

*ยQOยNEDQNDIDDOL\HWOHULQLQWDPYHULVNVL]ELUรบHNLOGH\ยUยWยOPHVLLoLQ \XNDUร•GD EHOLUWLOHQ รบDUWODUร•Q ROXรบWXUXOPDVร• ยVW \|QHWLPLQ J|UHYLGLU gQHPOL RODQ ELU GXUXP GD WยP oDOร•รบDQODUร•Q JยYHQOLN SROLWLNDODUร•QD EDรทOร• NDOPDODUร•Qร•

 


VDรทODPDN LoLQ SHUVRQHOLQ JยYHQOLN ELOLQFLQLQ WHรบYLNLGLU NL EX GD L\L NRQWURO \DSร•Vร•YH\DNยOWยUยQยLIDGHHGHU

0HUNH]%DQNDODUร•รธoLQgQHPOLรธรบOHP.RQWUROOHUL

0HUNH]

EDQNDVร•

NRQWURO

VLVWHPOHUL

VDGHFH

KHGHIOHUH

XODรบPD\ร•

HQJHOOH\HQ ULVNOHUH NDUรบร• GHรทLO D\Qร• ]DPDQGD PHUNH] EDQNDVร• |]HUNOLรทL YH EDรทร•PVร•]Oร•รทร•Qร•

WHKGLW

RGDNODQPDOร•Gร•U LรบOHPOHUL

%X

ELODQoR

Gย]HQOHPH

YH

HGHQ

GD

WยP

SROLWLND

LรบOHPOHUL

ILQDQVDO

ULVNOHUH

NDUรบร•

EHOLUOHPH

EDQNDFร•Oร•N

VHNW|U

YH

J|]HWLP

YH

|QOHPOHU

X\JXODPD

|GHPH

DOร•QPDVร•QD G|YL]

LรบOHPOHUL

IDDOL\HWOHUL

GD

SL\DVDVร•

GHQHWOHPH

PHUNH]

EDQNDVร•

ND\QDNODUร•Qร•QNXOODQร•Pร•PXKDVHEHVLVWHPOHULYHรบHIIDIOร•NJLELPHUNH]EDQNDVร• IDDOL\HWOHULQLQ

LQFHOHQPHVL

\ROX\OD

EDรบDUร•ODELOLU

+HU

ELU

DODQGDNL

NRQWURO

VLVWHPOHULQLQ LรบOH\LรบL X]PDQ SHUVRQHO YH VLVWHPOHULQ YDUOร•รทร•QDEDรทOร•Gร•U.DOLIL\H HOHPDQ YH L\L LรบOH\HQ VLVWHPOHULQ YDUOร•รทร• YH KHU DODQGD PHUNH] EDQNDVร• KHGHIOHULQLQ

\HULQH

JHWLULOPHVL

LoLQ

X\JXODQDQ

SURVHGยUOHULQ

Gย]HQOL

ELU

ELoLPGHJ|]GHQJHoLULOPHVLLVHยVW\|QHWLPLQVRUXPOXOXรทXQGDGร•U 0HUNH] %DQNDODUร• LoLQ |QHPOL LรบOHP NRQWUROOHUL LVH DรบDรทร•GDNL EDรบOร•NODU DOWร•QGDVร•UDODQDELOLU 'DOWRQDQG+LOEHUV,0):RUNLQJ3DSHU  *|UHYOHULQ HWNLOL GDรทร•Oร•Pร• %LU LรบOHPLQ EDรบร•QGDQ VRQXQD NRQWUROยQย WHN ELU NLรบLYH\DRLรบOHLOJLOLJUXS\DSPDPDOร•Gร•U '|UWJ|]SUHQVLEL%LUNLรบLQLQLรบLELUEDรบNDVร•WDUDIร•QGDQNRQWUROHGLOPHOLGLU%X GXUXPILQDQVDOLรบOHPOHUYHPXKDVHEHJLULรบOHULDoร•Vร•QGDQ|QHPOLGLU รธรบOHP WDOLPDWODUร•Qร•Q G|NยPDQร• dDOร•รบDQODU SURVHGยUOHULQ IDUNร•QGD ROPDODUร• JHUHNWLรทL JLEL EDรบNDODUร•Qร• HรทLWLUNHQ YH\D รบยSKH\H GยรบWยNOHUL GXUXPODUGD GD G|NยPDQODUDG|QPHOLGLUOHU 9HULOHQ \HWNLOHULQ YH LP]DODUร•Q G|NยPDQร• %X G|NยPDQODU YH ELOJLOHULQ GDรทร•Wร•Pร• VDGHFH \HWNLOL NLรบLOHULQ LรบOHPOHUOH LOJLOHQGLรทLQL YH  EDQND DGร•QD NLPLQ KDUHNHWHGHELOHFHรทLQLQELOLQPHVLQLVDรทODU %LOJL YH YDUOร•NODUD XODรบPDGD Vร•Qร•UODPDODU %X GXUXP ELOJL YH YDUOร•NODUร•Q \HWNLVL] HOGHQ oร•NDUร•OPD ULVNLQL D]DOWร•U $\Qร• ]DPDQGD VLVWHP YH ND\ร•WODUD ]DUDUYHUPHYHPยGDKDOH\HNDUรบร•NRUXU

 


8\JXQ SHUVRQHO HรทLWLPL 3HUVRQHOLQ \HWHQHNOHUL DOGร•รทร• VRUXPOXOXNODUร•\OD RUDQWร•Oร•

ROPDOร•Gร•U

8\JXQ

HรทLWLP

SHUVRQHOLQ

Lรบ

SUDWLรทL

YH

NRQWUROOHULQL

DQODPDVร•Qร•VDรทODU 7DP YH ]DPDQร•QGD ND\ร•W %ยWยQ LรบOHPOHU JHQHOOLNOH LรบOHPGHQ VRUXPOX ELULP WDUDIร•QGDQยVWOHQLOGLรทLDQGDWDPRODUDNND\GHGLOPHOLGLU )LQDQVDO OLPLWOHU %X GXUXP ULVNOHUL PLQLPL]H HWPHN LoLQ EHOOL IDDOL\HWOHUH YH\DNLรบLOHUHX\JXODQร•U g]HOOLNOHEย\ยNPHEODรทOร•NDPEL\RLรบOHPOHULJLEL  +DUFDPDODUODLOJLOLEยWoHOLPLWOHUL.D\QDNWยNHWLPLQHLOLรบNLQOLPLWOHULLoHULUYH JHQHOOLNOH

EยWoH\H

GDKLO

HGLOPH\HQ

KDUFDPDODUร•Q

RQD\ODQPDVร•

LoLQ

D\Uร•

SURVHGยUOHUYDUGร•U รธQVDQ ELOJL YH YDUOร•NODUร•Q NRUXQPDVร•QD LOLรบNLQ JยYHQOLN SURVHGยUOHUL 0HUNH]EDQNDVร•ND\QDNODUร•oRNVร•Nร•JยYHQOLNNRQWUROOHULJHUHNWLULU รธรบH

\HQLGHQ

JHOGLรทLQGH

EDรบODPD

0HUNH]

SODQODPDVร•

EDQNDVร•Qร•Q

gQJ|UยOHPH\HQ

LรบOHPOHUOH

LOJLOL

ROD\ODU

WDYVL\HOHUGH

PH\GDQD

EXOXQPDVร•Qร•

NROD\ODรบWร•Uร•U รธรบOHULQ SHUIRUPDQVร•Qร•Q Gย]HQOL RODUDN J|]GHQ JHoLULOPHVL <DSร•ODQ LรบOHUL KHGHIOHUOHYH\DDPDoODUODNDUรบร•ODรบWร•UPDNGย]HOWPH\LNROD\ODรบWร•Uร•U 3URVHGยUOHUOH

X\XPOXOXรทXQ

NRQWURO

HGLOPHVL

3HUVRQHOLQ

SURVHGยUย

Gย]HQOL RODUDN X\JXOD\ร•S X\JXODPDGร•รทร•Qร• EHOLUOHPHN LoLQ \|QHWLFLOHU SHUL\RGLN NRQWUROOHU\DSPDOร•Gร•U <|QHWLFLOHUH Gย]HQOL UDSRU YHULOPHVL g]HW IRUPDWร•QGDNL UDSRUODU \|QHWLPL R DQNLoDOร•รบPDODUGDQNRQWUROL]OHPHIDDOL\HWOHULQGHQYHNRQWURODNVDNOร•NODUร•QGDQ KDEHUGDUHWPHNLoLQJHUHNOLGLU .RQWUROOHULQYH\DSร•ODQLรบOHULQSHUL\RGLNRODUDNJ|]GHQJHoLULOPHVLรธรบWHNL GHรทLรบLNOLNOHU NRQWUROOHUL HWNLVL] KDOH JHWLULU 2 QHGHQOH Gย]HQOL LQFHOHPHOHU GRรทUXNRQWUROOHULQNXOODQร•OPDVร•Qร•VDรทODUODUYHLรบOHULQSHUIRUPDVร•Qร•HWNLOHPH]OHU +HGHI

YH

VRUXPOXOXNODU

Doร•Vร•QGDQ

WLFDUL

EDQNDODU

YH

ILQDQV

NHVLPLQGHQIDUNOร•RODQPHUNH]EDQNDODUร•Qร•QLoNRQWUROVLVWHPOHULKDNNร•QGDNร•VD ELU ELOJL YHUGLNWHQ VRQUD ELU VRQUDNL E|OยPGH EX ELOJLOHULQ X\JXODPD\D NRQGXรทX ELU PHUNH] EDQNDVร• RODQ $OPDQ 0HUNH] %DQNDVร•ยถQGDNL 'HXWVFKH %XQGHVEDQN LoNRQWUROVLVWHPLYHULVN|OoยPยX\JXODPDODUร•DQODWร•ODFDNWร•U

 




$OPDQ

0HUNH]

¦

%DQNDVÕ¶QGDNL

'HXWVFKH

%XQGHVEDQN 

8\JXODPDODU 

$OPDQ 0HUNH] %DQNDVÕ Lo NRQWURO VLVWHPLQLQ X\JXODQPDVÕQGD %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV¶ÕQ %,6 %DVOH  YH $YUXSD 0HUNH] %DQNDVÕ¶QÕQ (&%  \D\ÕQODPÕú ROGX÷X LONHOHUL HVDV DOPDNWDGÕU %X LONHOHUH J|UH Lo NRQWURO VLVWHPOHULQLQ DPDFÕ LúOHPOHULQ NDQXQ YH G]HQOHPHOHUH X\JXQ ELU ELoLPGH HWNLOL YH YHULPOL \UWOPHVL YH RUWD\D oÕNDELOHFHN ULVNOHUH NDUúÕ JHUHNOL |QOHPOHULQDOÕQPDVÕ\ROX\ODNXUXPKHGHIOHULQLQJHUoHNOHúWLULOPHVLGLU

(&% QLQ  \ÕOÕQGD \D\ÕQODPÕú ROGX÷X ³(XURSHDQ 6\VWHP RI &HQWUDO %DQNV (6&%  $XGLW 3ROLF\´ G|NPDQÕ Lo GHQHWoLOHU WDUDIÕQGDQ VWOHQLOPHVL JHUHNHQ J|UHYOHU YH EX J|UHYOHUL \HULQH JHWLUPH JHUHNOHULQL NDSVDPDNWDGÕU %X G|NPDQD YH øo 'HQHWoLOHU (QVWLWV ,,$ ¶QQ \D\ÕQODGÕ÷Õ SUHQVLSOHUH J|UH Lo GHQHWLP ELULPLQLQ HQ |QHPOL J|UHYOHULQGHQ ELUL \UWOHQ IDDOL\HWOHUH LOLúNLQ NRQWUROOHULQ oHúLGL HWNLQOL÷L YH ULVNOL DODQODUGDNL J|UHY GD÷ÕOÕPÕQÕ

LoHUHQ

GH÷HUOHQGLUPHNWLU

Lo

NRQWURO

'HXWVFKH

VLVWHPOHULQLQ

%XQGHVEDQN¶WD

HWNLQOL÷L NXUDO

LOH

RODUDN

X\JXQOX÷XQX

Lo

GHQHWoLOHULQ

HWNLQOLN ]HULQH KD]ÕUODPÕú ROGXNODUÕ EX WU UDSRUODU LúOHULQ WHNUDUÕQGDQ YH oHOLúNLOL UDSRUODUGDQ NDoÕQPDN DPDFÕ\OD RUJDQL]DV\RQHO ELULP YH PDOL\HW NRQWUROELULPLLOHNRRUGLQHOLELUúHNLOGH\UWOPHNWHGLU  $OPDQ 0HUNH] %DQNDVÕ¶QGDNL øo .RQWURO 6LVWHPLQLQ *HQHO <DSÕVÕ 'HXWVFKH

%XQGHVEDQN¶WD

Lo

NRQWURO

IDDOL\HWOHUL

o

DúDPDOÕ

X\JXODQPDNWDGÕU  %LULQFLGHUHFHNRQWUROPHNDQL]PDODUÕ 'HXWVFKH %XQGHVEDQN¶WDX\JXODQDQELULQFLGHUHFHGHNRQWUROPHNDQL]PDODUÕQÕ LNLDQDEDúOÕNWDWRSOD\DELOLUL] D  øúOHPSURVHGUOHULQLQNRQWURO



+DWD RODVÕOÕ÷Õ EXOXQDQ LúOHPOHUGH LNLOL NRQWURO G|UW J|]  SUHQVLEL |UQH÷LQ

SDUDQÕQ

\HQLGHQ

VD\ÕOPDVÕ

KHVDSODPDODUÕQ

\HQLGHQ

§ %# :;(¨9 ©ª  « .   3   ©,  %'2 ª¬   {­€'  ' 3   ®žq   ¯ 7¨9 ©   n¢J;°? :,£¤¤¤± ( ?'    !     

¥    ,  

 



 


\DSร•OPDVร•

ELOJLVD\DUD

JLULรบ

\DSPDGDQ

|QFH

YHULOHULQ

WHNUDU

ND\GHGLOPHVLJLEL



+DVVDV LรบOHPOHUGH ยVW \|QHWLP WDUDIร•QGDQ \HWNL YHULOPHVL |UQHรทLQ Eย\ยNPHEODรทOร•6:,)7|GHPHPHVDMODUร•



6LVWHPH\HWNLVL]JLULรบYHYHULGHรทLรบLPLQLHQJHOOH\HQJLULรบNRQWUROOHUL รบLIUHOHUDQDKWDUODUJLEL 



%LOJLLรบOHPSURJUDPODUร•Qร•QPXWDEDNDWร•YHNRQWUROย



dLIWWDUDIOร•ND\ร•WWXWPDKHULรบJยQยVRQXQGDERUoYH DODFDNND\ร•WODUร•Qร•Q PXWDEDNDWร•Qร•Q\DSร•OPDVร•

E <|QHWLFLOHULQYHGHQHWoLOHULQNRQWUROYHJ|]HWLPIDDOL\HWOHUL %XQODU GD \DSร•OPDVร• JHUHNHQ NRQWUROOHULQ WยUย DODQร• YH Vร•NOร•รทร•QD LOLรบNLQ Gย]HQOHPHOHULLoHULU 6|] NRQXVX NRQWURO PHNDQL]PDODUร•\OD %DQND LรบOHPOHULQLQ JยYHQOL ELU รบHNLOGH JHUoHNOHรบPHVLDPDoODQPDNWDGร•U

 รธNLQFLGHUHFHNRQWUROPHNDQL]PDODUร• %X PHNDQL]PDODU EDQND LoLQGH ROPDVร• PXKWHPHO KLOH ND\ร•S LVUDI YH GLรทHU N|Wย\H NXOODQPD GXUXPODUร•Qร• |QOH\LFL |]HO NRQWURO ELULPOHULQL NDSVDU %X RUJDQL]DV\RQHO ELULPOHU GH ULVN NRQWURO YH \|QHWLPL PDOL\HW NRQWUROย X\XP UยรบYHWLQ|QOHQPHVLYHNDUDSDUDDNODQPDVร•Qร•|QOHPHJLELELULPOHUGLU

 hoยQFยGHUHFHNRQWUROPHNDQL]PDODUร• hoยQFย

GHUHFH

NRQWURO

PHNDQL]PDODUร•

Lo

GHQHWLP

ELULPLQLQ

IDDOL\HWOHULQLNDSVDU รธoGHQHWLPELULPLQLQWHPHOJ|UHYOHULGHDรบDรทร•GDVร•UDODQPร•รบWร•U



%DQNDQร•Q ELULPOHUL YH รบXEHOHULQLQ NDQXQ Lo SROLWLND SODQ SURVHGยU YH Gย]HQOHPHOHUHX\JXQoDOร•รบPDVร•Qร•VDรทODPDN X\JXQOXNGHQHWLPL 



%DQNDQร•Q ELODQoRODUร•Qร•Q YH PXKDVHEH VLVWHPLQLQ JยYHQLOLUOLรทLQL YH GRรทUXOXรทXQXGHรทHUOHQGLUPHN ILQDQVDOGHQHWLP 



3RWDQVL\HO ULVNOHUH LOLรบNLQ Lo NRQWURO YH JยYHQOLN |OoยWOHULQLQ \HWHUOLOLรทLQL GHรทHUOHQGLUPHN LoNRQWUROVLVWHPLQLQGHQHWLPL 



%LULPOHULQ

YH

รบXEHOHULQ

HWNLQOLรทLQL

GHQHWLPYH\DSHUIRUPDQVGHQHWLPL 

 

GHรทHUOHQGLUPHN

RSHUDV\RQHO




%LOJL LรบOHP ('3 

SURMHOHUL

YH\D

GLรทHU SURMHOHULQ SODQODQGร•รทร• JLEL

\ยUยWยOยS \ยUยWยOPHGLรทL YH VRQXoODUร•Q SODQODQDQ KHGHIOHUOH WXWDUOร• ROXS ROPDGร•รทร•Qร•J|]GHQJHoLUPHN SURMHOHULQGHQHWLPL 



g]HODUDรบWร•UPDODU\ยUยWPHN GRODQGร•Uร•Fร•Oร•NGDYDODUร•JLEL 

รธoGHQHWLPELULPLEXJ|UHYOHUL\HULQHJHWLULUNHQ



'HQHWLPOHULQL REMHNWLI RODUDN JHUoHNOHรบWLULS |QHULOHUGH EXOXQDELOPHVL oLQ RSHUDV\RQHO\|QHWLPGHQEDรทร•PVร•]ROPDOร•



%DQNDQร•Q HQ ยVW \|QHWLPLQH GLUHNW RODUDN UDSRU VXQPDOร• YH E|\OHFH JHUoHNOHรบWLULOHQ GHQHWLPOHUH LOLรบNLQ RODUDN VDGHFH EDรบNDQD YH \|QHWLP NXUXOXQDKHVDSYHUPHOL



'HQHWLPOHU Vร•UDVร•QGD WยP JHOLรบPHOHUGHQ KDEHUGDU ROPDVร• Doร•Vร•QGDQ EDQNDQร•QWยPELOJLOHULQHJLULรบKDNNร•ROPDOร•



0DQWร•NOร• VLVWHPDWLN GยรบยQHELOHQ YH ]DPDQร•Qร• L\L D\DUOD\DELOHQ NDOLIL\H HOHPDQODUDVDKLSROPDOร•



.DQXQ YH Gย]HQOHPHOHUH X\JXQOXN Doร•Vร•QGDQ JHQHO NDEXO J|UPยรบ NXUDOODUYHSURIHV\RQHOVWDQGDUWODUร•X\JXODPDOร•Gร•U *ยQOยN RODUDN \DSร•ODQ LรบOHP NRQWUROOHULQGHQ D\Uร•ODQ Lo GHQHWLP Lo

NRQWURO VLVWHPOHULQLQ WHPHO XQVXUODUร•QGDQ ELULGLU hoยQFย GHUHFH NRQWURO PHNDQL]PDVร• RODUDN DGODQGร•Uร•ODQ Lo GHQHWLP IRQNVL\RQX LOH ยณLo NRQWUROOHULQ NRQWUROยยด \DSร•OPDNWDGร•U %X DรบDPDGD KHU ELULPLQ X\JXODPร•รบ ROGXรทX Lo NRQWUROOHU Lo GHQHWoLOHU WDUDIร•QGDQ J|]GHQ JHoLULOPHNWH DNVD\DQ WDUDIODU YH\D HNVLN \|QOHUL YDUVD QRW HGLOPHNWH YH UDSRU RODUDN %DQND \|QHWLP NXUXOXยถQD VXQXOPDNWDGร•U5DSRUXQELUNRS\DVร•GDGร•รบGHQHWoLOHUHYHULOPHNWHGLU

รนHNLO  oDOร•รบDQODUร•Q KDWDVร• YH PDQLSXODV\RQD NDUรบร• PXKDVHEH YH ILQDQVDO ND\ร•WODUร•Q NRUXQPDVร•QD \|QHOLN 'HXWVFKH %XQGHVEDQN Lo NRQWURO VLVWHPLQL|]HWOHPHNWHGLU%DQND\|QHWLPNXUXOXQDHQ|QHPOLELOJLOHULVDรทOD\DQ PHNDQL]PDODU

PXKDVHEH

VLVWHPOHUL

YH

EX

VLVWHPOHULQ

JยYHQLOLUOLรทL

YH

GRรทUXOXรทXGXU %XQXQ GD |WHVLQGH PXKDVHEH VLVWHPOHUL PHUNH] EDQNDVร•Qร•Q \ร•OOร•N KHVDSODUร• YH NDPX\D GX\XUXODFDN GLรทHU SHUL\RGLN  UDSRUODU LoLQ |QHPOL YHULOHU VDรทODUODU 0XKDVHEH VLVWHPOHULQGHQ HOGH HGLOHFHN YHULOHUOH NDPX\D GX\XUXODFDN UDSRUODUGD KHUKDQJL ELU \DQOร•รบOร•N ROPDVร• PHUNH] EDQNDVร•Qร•Q JยYHQLOLUOLรทLQL YH LWLEDUร•Qร• ]HGHOH\HELOLU %X QHGHQOH GRรทUX YH JยYHQLOLU UDSRUODU oร•NDUร•OPDVร•YHULVNOHULQPLQLPL]HHGLOPHVLDoร•Vร•QGDQV|]NRQXVXVLVWHPOHUGHNL

 


Lo

NRQWURO

\DSร•Vร•

YH

X\JXODPDODU

|QHP

ND]DQPDNWDGร•U

รนHNLO

ยถGH

|]HWOHQGLรทLJLELPXKDVHEH YHILQDQVDOUDSRUODUDLOLรบNLQRODUDN ND\ร•WJLULรบELULPL PXKDVHEH ELULPL YH Lo GHQHWLP ELULPL NRRUGLQHOL RODUDN oDOร•รบPDNWDGร•U .D\ร•W JLULรบ ELULPL LรบOHPLQ JHUoHNOHรบLS PXKDVHEHOHรบWLULOGLรทL YH ND\ร•WODUD JHoLULOGLรทL ELULPNHQ PXKDVHEH ELULPL ND\ร•WODUร•Q GRรทUXOXรทXQXQ NRQWUROยQGHQ VRUXPOX ELU NRQWURO ELULPL RODUDN oDOร•รบPDNWDGร•U รธo GHQHWLPELULPLLVHJยQOยNND\ร•WELULPLYH PXKDVHEH ELULPLQFH JHUoHNOHรบWLULOHQ LรบOHPOHULQ NRQWUROยQย \DSPDNWD YH HรทHU WHVSLW HWWLรทL NRQWURO ERรบOXNODUร• YH\D HNVLNOLNOHUL YDUVD |QHULOHUL\OH ELUOLNWH EXQODUร•\|QHWLPNXUXOXQDVXQPDNWDGร•U

8OXVODUDUDVร•

SODWIRUPGD

ELOLQHQ

X\JXODPDODUGDQ

ELUL

GH

PHUNH]

EDQNDODUร•Qร•Q \ร•OOร•N KHVDSODUร•Qร•Q Gร•รบ GHQHWoLOHU WDUDIร•QGDQ GHQHWOHQPHVL YH RQD\ODQPDVร•Gร•U %X GXUXP  \ร•Oร•QGDQ LWLEDUHQ 0DDVWULFKW $QODรบPDVร•\OD $YUXSD %LUOLรทL 0HUNH] %DQNDODUร• LoLQ \DVDO RODUDN EDรทOD\ร•Fร• KDOH JHOPLรบWLU %XQGDQ GROD\ร• PHUNH] EDQNDODUร• \ร•OOร•N KHVDSODUร•Qร• GHQHWOH\HFHN |]HO ELU GHQHWLP ILUPDVร•Qร• J|UHYOHQGLUPHGHQ |QFH $YUXSD 0HUNH] %DQNDVร• <|QHWLP .RQVH\L YH $YUXSD %LUOLรทL .RQVH\LยถQLQ RQD\ร•Qร• DOPDN ]RUXQGDGร•UODU 'DKDVร• $OPDQ 0HUNH] %DQNDVร• $OPDQ )HGHUDO <|QHWLPLQLQ EยWoH YH KDUFDPDODUร•Qร• GHQHWOH\HQ

*HUPDQ

)HGHUDO

&RXUW

2I

$XGLWยถLQ

GH

RQD\ร•Qร•

DOPDN

GXUXPXQGDGร•U 'HXWVFKH %XQGHVEDQN Gร•รบ GHQHWoLOHULQLQ VRUXPOXOXNODUร• LVH Lo NRQWURO

YH

GHQHWLP

VLVWHPOHULQLQ

HWNLQOLรทLQL

LQFHOHPHN

YH

NDUรบร•Oร•NOร•

ELU

GHรทHUOHQGLUPH \DSPDN EDQND LรบOHPOHULQLQ PDOL\HW Doร•Vร•QGDQ GHรทHUOHPHVLQL \DSPDN

YH

EDQNDQร•Q

EDQNDQร•Q

PDOL

PXKDVHEH

GXUXPX

KDNNร•QGD

VLVWHPLQL GRรทUX

LQFHOH\HUHN

ELOJLOHU

YHULS

\ร•OOร•N

KHVDSODUร•Q

YHUPHGLรทLQL

WH\LW

HWPHNWLU'ร•รบGHQHWoLOHU LoGHQHWLPELULPLLOHNRRUGLQHOLELUรบHNLOGHoDOร•รบร•UODUรธo GHQHWLP ELULPL Gร•รบ GHQHWoLOHUL GHQHWLPL HWNLOH\HELOHFHN |QHPOL NRQXODUGD ELOJLOHQGLUPHN DPDFร•\OD J|UยรบPHOHU \DSDU YH Lo GHQHWLP UDSRUODUร• LOH GHQHWLP LoLQ

ID\GDOร•

RODELOHFHN

GLรทHU

G|NยPDQODUร•

VDรทODU

'ร•รบ

GHQHWoLOHU

GH

%XQGHVEDQN \|QHWLP NXUXOXQD GHQHWLPOHULQH LOLรบNLQ UDSRUX VXQPDGDQ |QFH Lo GHQHWLPELULPLLOHWHVSLWOHULQLSD\ODรบร•UODU%|\OHFHKHULNLWDUDIDoร•Vร•QGDQRUWD\D NRQXODQ GHรทHUOHQGLUPHOHU EDQND LoLQ Lo NRQWURO VLVWHPLQLQ JHOLรบWLULOPHVLQH NDWNร•VDรทODU

 


 'HXWVFKH%XQGHVEDQN0HUNH]2ILVL



 



øo'HQHWLP

.D\ÕWJLULúELULPL 0XKDVHEHELULPL

  

Ð

ËÊ ËÇ ÌÇ Â ÎÍ ÎÏ Ç Î¿ ÎÊ ÇÎ Ç ÂÇ È ÂÑ ÏÐ

Ë¿

ÈÉ

ËÆ Ê

Ç

¾Æ

ÀÁ ÂÃÄ

½¾

¾¿

ÄÅ ¿

¼µ ·

»µ º¸

·¸¹ µ¶

´ ³² µ¶



%HOJHYH

<HUOHúLNPúWHUL



$UúLY

3HUL\RGLN



HOHNURQLN

KHVDSODUÕ



%HOJH

ILQDQVDOUDSRUODU

<ÕOOÕNKHVDSODU

ND\ÕWODUÕ

<DEDQFÕPúWHUL



0LNURoLSOHU

JQONKDIWDOÕN

WRSODPDQRNWDVÕ

KHVDSODUÕYH



YHoD\OÕN 

('3

øoKHVDSODULoLQND\ÕW

VLVWHPLQHYHUL

WXWPD

JLULúLQGH³LNLOL

dLIWWDUDIOÕND\ÕWWXWPD

NRQWUROSUHQVLEL´

KHVDSODUÕQJQON

NRUXQPDNWDGÕU

%DQNDVÕ¶QD

PXWDEDNDWÕ



J|QGHULOPHNWHGLU



0úWHUL úLND\HWOHULQLQ GLNNDWH DOÕQPDVÕ



$UúLYRGDODUÕ

NRQVROLGH

\HWNLVL]JLULúOHUH 

HGLOPHVLLoLQ

NDUúÕ

%LODQoRNkUYH ]DUDUKHVDSODUÕ  

$YUXSD0HUNH]





















%LOJLøúOHP6LVWHPOHUL







%LOJLøúOHP6LVWHPOHUL



 

 ùHNLOdDOÕúDQODUÕQ+DWDVÕYH0DQLSXODV\RQD.DUúÕ0XKDVHEHYH)LQDQVDO.D\ÕWODUÕQ.RUXQPDVÕQD<|QHOLN

Ø à Ó Î á¿ ¿â ä ãã 

Ë× ÇÈ ÂÃÄ Í ÇÀ

Á 



Â

ÞÉ ÏË

ß ÏÐÁ Ç ÏÐÁ Â ËÂ Õ Ö ÏÃ

¿ ÓÃ Û ÂÑ Ï

Æ

ÇÉ Ï

ÄÆÇ

É

ÆÂ

¿

ÏÁÜ ÂÝ ÇÏ Â

Û ËÖÆ Ï

¿ ÄÂÆ

ÂÇ

Ë× ÇÈ ÂÃÄ Í Ø ÇÀ 

Á Â

ÀÔ

ËÂ Õ Ö ÏÃ

ÓÇÄ

ÄÒ

ÙÚ

'HXWVFKH%XQGHVEDQNøo.RQWURO6LVWHPL


 $OPDQ0HUNH]%DQNDVร•QGD5LVNgOoยPย8\JXODPDODUร•

.XUXPODUร•Q

PDUX]

NDOGร•รทร•

ULVNOHU

SHN

oRN

HWNHQH

EDรทOร•

RODUDN

ELUELULQGHQ IDUNOร•Oร•N J|VWHUVH GH SDUD YH LWLEDU ND\Eร• KHU NXUXP LoLQ OLVWHOHULQLQ HQ EDรบร•QGD \HU DODQ ULVNOHUGLU %X GXUXP |]HOOLNOH PHUNH] EDQNDODUร• LoLQ |QHPOLGLU 3DUD YH LWLEDU ND\Eร• \ยNVHN VHYL\HGHNL ULVN JUXEXQGD \HU DOร•UNHQ KLOH

KDWD

Kร•UVร•]Oร•N

N|Wย

\DUJร•

]D\ร•I

VWUDWHMLN

SODQODPD

ELOJLVD\DU

VLVWHPOHULQLQ HWNLQ ROPD\ร•รบร• NDQXQODUD NDUรบร• JHOLQPHVL YHUL ND\Eร• NXUXP LoL ELOJL DNร•รบร•Qร•Q HNVLNOLรทL JLEL ULVNOHU LVH LNLQFLO GHUHFHGH |QHPOL ULVNOHU RODUDN DGODQGร•Uร•Oร•U

รธo NRQWURO PHNDQL]PDVร•QGD NRQWURO  X\JXODQDQ KHU IDDOL\HWLQ ELU PDOL\HWL YDUGร•U %X QHGHQOH HQ HWNLOL NRQWUROOHULQ HQ ULVNOL DODQODUGD ROPDVร• |QHPOLGLU %X GD LรบOHPOHULQ VDGHFH \DQOร•รบ KDWDOร• ROPD RODVร•Oร•รทร• LOH GHรทLO D\Qร• ]DPDQGDROPDVร•PXKWHPHOND\Eร•QHWNLVL\OHGHLOJLOLGLU 'ROD\ร•Vร•\OD

PDOL\HWL

\ยNVHN NRQWUROOHULQ KDQJL DODQODUGD X\JXODQDFDรทร• ND\Eร•Q JHUoHNOHรบPHVLQH ROGXรทXNDGDUULVNLQJHUoHNOHรบPHRODVร•Oร•รทร•QDGDEDรทOร•Gร•U

5LVN GHรทHUOHPHVL oRN IDUNOร• PHWRGODUOD |OoยOHELOLU %XJยQH NDGDU ULVN GHรทHUOHPHVLQH LOLรบNLQ VWDQGDUW ELU PHWRG JHOLรบWLULOPHPLรบWLU รธQJLOWHUH 0HUNH] %DQNDVร• YH $YUXSD 0HUNH] %DQNDVร• รธo 'HQHWoLOHU .RPLWHVL QLQ X\JXODGร•รทร• YH NROD\Oร•NOD NXOODQร•ODELOHQ ELU PHWRG RODQ ULVN SXDQODPD PRGHOL Lo GHQHWLP SODQODPDVร•QGD GLNNDWH DOร•QDQ WHPHO ยo ULVN oHรบLGLQL GHรทHUOHQGLULU )LQDQVDO ULVNLWLEDUULVNLYHNXUDOODUDX\PDPDULVNL

gQFHOLNOH

KHU

IDDOL\HW

DODQร•

ULVNOHUL

Doร•Vร•QGDQ

LQFHOHQPHNWH

LQFHOHPH VRQXFX RUWD\D oร•NDQ ULVNOHU SXDQODPD VLVWHPL\OH  RUWD 

YH

 GยรบยN 



 \ยNVHN  GHรทHUOHQGLULOPHNWHGLU ยตยถ SXDQ LVH KLo ULVN ROPDGร•รทร•QGD

NXOODQร•OPDNWDGร•U

'DKD

VRQUD

YHULOHQ

SXDQODU

ULVN

oHรบLGLQH

J|UH

Dรทร•UOร•NODQGร•Uร•OPDNWDGร•U ILQDQVDO ULVN  LWLEDU ULVNL  NXUDOODUD X\PDPD ULVNL  JLEL  (OGH HGLOHQ WRSODP SXDQODU R IDDOL\HW DODQร•QD LOLรบNLQ RODVร• ULVN Gย]H\LQL LIDGH HGHU 2UWD\D oร•NDQ ULVN SXDQร• IDDOL\HWLQ GHQHWOHPH |QFHOLรทL YH IDDOL\HWLQGHQHWOHQPHVร•NOร•รทร•QDLOLรบNLQELUWHPHOROXรบWXUXU'DKDVร•LoGHQHWLP

 


ELULPLGHQHWOHPHSODQร•QGDRIDDOL\HWDODQร•QGDNLLoNRQWUROVLVWHPLQLQHWNLQOLรทLQL GLNNDWH DOPDOร•Gร•U dยQNย JยoOย ELU Lo NRQWURO VLVWHPL RODVร• ULVNOHULQ D]DOWร•OPDVร• YH GROD\ร•Vร•\OD \RรทXQ RODUDN GHQHWOHPH LKWL\DFร•Qร•Q RUWDGDQ NDONPDVร•QD Eย\ยN |OoยGHNDWNร•GDEXOXQXU

$รบDรทร•GD รธQJLOWHUH 0HUNH] %DQNDVร• YH $YUXSD 0HUNH] %DQNDVร• รธo 'HQHWoLOHU .RPLWHVLยถQLQ X\JXODPร•รบ ROGXรทX ULVN SXDQODPD PRGHOLQH LOLรบNLQ ELU |UQHNYHULOPLรบWLU%X|UQHNX]XQG|QHPGHQHWLPSODQร•QGDGHQHWOHPHVร•NOร•รทร•QD WHPHO ROXรบWXUDFDN ELU ULVN SXDQODPD PRGHOLGLU YH GHQHWOHQHFHN DODQ 0HUNH] %DQNDVร•G|YL]LรบOHPOHULYH\DWร•Uร•PIDDOL\HWOHULGLU  5LVN'HรทHUOHPHVL gQFHOLNOHGHQHWOHQHFHNIDDOL\HWDODQร•QGDNLULVNOHUGHรทHUOHQGLULOPHOLGLU  7DEOR$/0$10(5.(=%$1.$6,'g9รธ=รธรน/(0/(5รธ9(<$7,5,0 )$$/รธ<(7/(5รธ1(รธ/รธรน.รธ15รธ6.38$1/$0$02'(/รธ  

5LVNdHรบLGL

5LVN$รทร•UOร•N5LVNLQ 7RSODP5LVN3XDQร•





)DNW|Uย'HรทHUOHQGLULOPHVL



)LQDQVDO5LVN

รฅ รฆรงรจ รง9รฉรฆ1รช รซ รฌ9รฉรช รฆ?รญiรงMรซ รฎ รฌ รฏรงdรฆMรฐ รฑ รฒ1รฐ รณ1รซ รฐ รดรจ รงรต รดรงรฏรตรง1รดรซ รงMรตรงMรตPรถ1รทรฏรทรด รธ รช รตรงรตรฒรงMรซรดรงรฏรฐ รนMรซ รงMรฑmรฐ รตรบรซ รญiรง รช รฆรจ รช รญiรงรซ รชรป























































รธWLEDU5LVNL

รผ9รช รตรงMรตรฒรงรซรณรงMรฑ รงMรฑ รฎ รฌ?รฏรง รฝ รช รณ1รซ รชรถ1รช รซ รฝ รช รซ รฌรฑ รช รตรฏรงรต?รซ รฐ รพ รดรฟ?รซ รซ รงรต1รฐ รญkรฐรฒรบMรต1รฟรฟ รบMรซ รฟรพรง1รถMรช รซ รฌ รฌรด(รบรซ รฟรญPรฒ?รฟรณ รฌรจ รดรชรบMรซ รง?รฒ1รฐ รซ รฐ _รฐ 









.XUDOODUD 8\PDPD5LVNL

รงรซ รฐ รพรงรต?รซ รงรฑ รฐ รตiรตรงMรดรช รจ รฎ รฌ รฏรง1รฌ1รฌ9รฑ รซ รช รฎ รงMรฑ รซ รฐ รดรซ รงรฑ รง รดรบMรซ รงรฏรซ รฐ รดรซ รงdรฟ1รซ รง?รพรญdรงPรบMรซ รง?รฒ1รฐ รซ รฐ _รฐ   รงรซ รฐ รพรงรต?รซ รงรฑ รฐ รต รฝ รช รณ1รซ รชรถ1รช รซ รฝ รช รซ รฌรฑ รฌ รฟ?รซ รง?รพรญdรงPรบรซ รงรฒ1รฐ รซ รฐ 9รฐ 

7RSODP





รงรฏรตรงMรด qรฌ9รฟรจ รฒรฆรฌย€รฟ1รต1รฌ1รฒรถ?รงMรต?รดรฉ (รฌ9รตรฌรฑ รงMรซqรฒรจ รฑ รฟ รจ ย€รฟ1รต1  รฌ?รฒรถ?รงMรต?รด รฉ9  รฏรซ รท?รซ "!!!$#







รฟ1รฑ รฌยชรบ รธ รจ รฆรฌ รตรจ รฌรฑ รตรงรซ รบMรตรจ รฑ รบรซKรฏรฒรจ รฌรญGรช รจ รฆ1รช รตยฏรจ รฆรฌ qรฌรฟรจ รฒรฆรฌ

 






รธo.RQWURO<HWHUOLOLN'HรทHUOHPHVL รธNLQFL DGร•P RODUDN GHQHWOHQHQ DODQODUGD  Lo NRQWURO VLVWHPLQLQ HWNLQOLรทL GHรทHUOHQGLULOLU

%X

GHรทHUOHQGLUPH

GH

DรบDรทร•GDNL

WDEORGD

J|UยOGยรทย

JLEL

VLVWHPLQHWNLQROXSROPDPDGXUXPXQDJ|UHELUGHQยoHSXDQODQDUDN\DSร•Oร•U   7DEORรธd.21752/<(7(5/รธ/รธ.'(รถ(5/(0(6รธ

 

1RUPDO'XUXPODU









$รทร•UOร•N)DNW|Uย



































รธoNRQWUROVLVWHPLHWNLOLGLU6RQ \ร•OLoLQGHKHUKDQJLELUND\ร•SYH\D ]DUDU\DรบDQPDPร•รบWร•U%XDODQGD \DSร•ODQHQVRQGHQHWLPVRQXFX GDROXPOXGXU  3URVHGยUOHUYHLoNRQWUROOHU



GHรทLรบWLULOPLรบWLUรธoGHQHWLPELULPL GHEXGHรทLรบLPLoLQGH\HUDOPร•รบWร•U 

g]HO'XUXPODU 

3URVHGยUOHUYHLoNRQWUROOHUEย\ยN |OoยGHGHรทLรบWLULOPLรบWLUรธoGHQHWLP ELULPLEXGHรทLรบLPLoLQGH\HU DOPDPร•รบWร•U  รธoNRQWUROVLVWHPL\HWHUVL]GLU PDQLSXODV\RQODUYHELUWDNร•PKDWDODU

VRQXFXVRQ\ร•OGDND\ร•SODUYH]DUDUODU ROXรบPXรบWXU%XDODQGD\DSร•ODQHQVRQ GHQHWLPLQVRQXFXGDWDWPLQNDUGHรทLOGLU 

รงรฏรตรง1รด  qรฌรฟรจ รฒรฆรฌ%ย€รฟ?รต?รฌ1รฒรถรงรตรดรฉ& รฌ9รตรฌ9รฑ รงรซMรฒรจ รฑ รฟ รจ ย€รฟ?รต?  รฌ1รฒรถรงรตรดยŒ รฉ 9  รฏรซ รท1รซ)"!!!

รฟ1รฑ รฌยฏรบ รธ รจ รฆรฌ' รตรจ รฌ9รฑ รตรงMรซ$ รบรตรจ รฑ รบMรซ$Kรฏรฒรจ รฌMรญ(Gรช รจ รฆ?รช รตยŸรจ รฆรฌ' qรฌรฟรจ รฒรฆรฌ

 .DODQ5LVNLQ'HรทHUOHPHVL รธo NRQWURO VLVWHPLQLQ HWNLQOLรทLQH LOLรบNLQ SXDQODPD \DSร•OGร•NWDQ VRQUD Lo GHQHWLP ELULPL WDUDIร•QGDQ NDODQ ULVN EHOLUOHQLU .DODQ ULVN 7DEOR ยถGH EHOLUOHQHQ ULVN

 


VNRUX

LOH

7DEOR

ยถGHNL

Lo

NRQWURO

VLVWHPLQH

YHULOHQ

SXDQร•Q

oDUSร•Pร•

VRQXFXQGDRUWD\Doร•NDUgUQHรทLPL]GH 

7RSODPULVNSXDQร•



รธoNRQWUROGHรทHUOHPHIDNW|Uย

















 .DODQ5LVN 



2UWD\D oร•NDQ ULVN SXDQร•  LOH  DUDVร• EHOLUOHQHQ NULWHUH J|UH LOJLOL IDDOL\HW DODQร•Qร•Q KDQJL Vร•NOร•NWD GHQHWOHQPHVL JHUHNWLรทL VRQXFXQX YHULU  LOH  DUDVร•QGD ELU VRQXFD XODรบPDN YH GDKD SUDWLN ROPDN Doร•Vร•QGDQ  RUWD\D oร•NDQ ULVN UDNDPร• ยถD E|OยQPHOLGLU gUQHรทLPL]GH EX UDNDP  ROPDNWDGร•U 6RQXo RODUDN 0HUNH] %DQNDVร• G|YL] LรบOHPOHUL YH \DWร•Uร•P IDDOL\HWOHUL DODQร•QGD ULVN SXDQร•ยถWยU<DSร•ODQEXULVN|OoยPยVDGHFHELUIDDOL\HWLoLQGLU+HUELUIDDOL\HW DODQร•LoLQULVNPDWULVOHULROXรบWXUXODUDNEXOXQDQULVN SXDQODUร•Eย\ยNWHQNยoยรทH Vร•UDODQDUDN R IDDOL\HW DODQร•QD LOLรบNLQ ULVN GHUHFHVL YH GHQHWOHQPH Vร•NOร•รทร• EHOLUOHQPHNWHGLU  LOH  DUDVร•QGD  SXDQ YH ยVWยQGH EXOXQDQ IDDOL\HW DODQODUร•GHQHWoLOHUFHKHU\ร•OGHQHWOHQPHVLJHUHNHQDODQODURODUDNNDEXOHGLOLU

$OPDQ 0HUNH] %DQNDVร•ยถQGD X]XQ G|QHP GHQHWLP SODQร• VHNL]\ร•OOร•NELU SHUL\RGXNDSVDUYHEX]DPDQGLOLPLLoHULVLQGHWยPEDQNDIDDOL\HWOHUL HQD]ELU NH] GHQHWOHQPHOLGLU )DDOL\HWOHULQ WDรบร•Gร•NODUร• ULVNOHU Doร•Vร•QGDQ EDNร•OGร•รทร•QGD RSHUDV\RQ ELULPOHU LoLQ EX VยUH Nร•VDOPDNWDGร•U $OPDQ 0HUNH] %DQNDVร• รธGDUH 0HUNH]LQGH |]HOOLNOH ULVNOL  ELULP \ร•OGD HQ D] ELU NH] รบXEHOHU YH ELOJL LรบOHP PHUNH]OHULKHUยo\ร•OGDHQD]ELUNH]YHGLรทHUELULPOHUGHLNL\ร•OGDQVHNL]\ร•OD ELUNH]GHQHWOHQPHNWHGLU

รธo NRQWURO YH ULVN |OoยPย NRQXODUร•QD LOLรบNLQ $OPDQ 0HUNH] %DQNDVร• X\JXODPDVร• LQFHOHQGLNWHQ VRQUD ELU VRQUDNL E|OยPGH 7ยUNL\H &XPKXUL\HW 0HUNH] %DQNDVร• EยQ\HVLQGH \HU DODQ  รธo 'HQHWLP *HQHO 0ยGยUOยรทยยถQยQ Lo NRQWURO YH ULVN |OoยPย LOH LOJLOL \DNODรบร•PODUร• YH 0XKDVHEH *HQHO 0ยGยUOยรทย LoLQGH \HU DODQ .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQยQ X\JXODPDODUร•Qร•Q EX \DNODรบร•PODUร•รบร•รทร•QGDGHรทHUOHQGLULOPHVLHOHDOร•QDFDNWร•U

 


$/7,1&,%g/h0

7h5.รธ<(&80+85รธ<(70(5.(=%$1.$6,ยถ1'$

รธd.21752/9(5รธ6.g/dh0h

7ยUNL\H &XPKXUL\HW 0HUNH] %DQNDVร• EยQ\HVLQGH NXUXODQ รธo 'HQHWLP *HQHO 0ยGยUOยรทย ULVN \|QHWLPL Lo NRQWURO YH \|QHWLP VยUHoOHULQLQ HWNLQOLรทL YH YHULPOLOLรทLQLQ

GHรทHUOHQGLULOPHVL

YH

JHOLรบWLULOPHVL

LoLQ

EDQNDQร•Q

KHU

WยUOย

HWNLQOLรทLQL GHQHWOHPHN JHOLรบWLUPHN L\LOHรบWLUPHN YH %DQND\D GHรทHU NDWPDN DPDFร•\OD

VLVWHPDWLN

\DNODรบร•PODU

JHOLรบWLUHUHN

%DQNDQร•Q

DPDoODUร•Qร•Q

JHUoHNOHรบWLULOPHVLQH \DUGร•PFร• ROPD\ร• KHGHIOHPHNWHGLU รธo 'HQHWLP *HQHO 0ยGยUOยรทย 'HQHWoLOHU

*HQHO LOH

0ยGยU

'HQHWoL

*HQHO

0ยGยU

<DUGร•PFร•ODUร•QGDQ

<DUGร•PFร•ODUร• ROXรบXU

%DรบGHQHWoLOHU

7&0%

รธo

'HQHWLP

<|QHWPHOLรทL   %DQNDQร•Q WยP LรบOHP YH HWNLQOLNOHUL GHQHWLP NDSVDPร•QD GDKLOGLU *HQHO 0ยGยUOยรทยQ HWNLQOLNOHUL %DQNDQร•Q ULVN \|QHWLPL Lo NRQWURO YH \|QHWLP VยUHoOHULQLQ %DQND 0HFOLVLยถQFH EHOLUOHQHQ \DSร•\D X\JXQ YH \HWHUOL ROXS

ROPDGร•รทร•Qร•Q

YH

Gย]HQOL

LรบOH\LS

LรบOHPHGLรทLQLQ

DรบDรทร•GDNL

NRQXODU

oHUoHYHVLQGHEHOLUOHQPHVLQLLoHULU D  %DQND

HWNLQOLNOHULQL

ROXPVX]

HWNLOH\HELOHFHN

WยP

ILQDQVDO

YH

RSHUDV\RQHO ULVNOHULQ GRรทUX ELoLPGH WDQร•PODQPDVร• YH HWNLQ ELU รบHNLOGH\|QHWLOPHVL E  'HQHWLP NDSVDPร•QD JLUHQ NRQXODUGD LOJLOL %LULPOHU YH รนXEHOHU LOH HWNLOLLOHWLรบLPNXUXOPDVร• F 

%DQND

HWNLQOLNOHUL

Doร•Vร•QGDQ

|QHPOL

ILQDQVDO

\|QHWVHO

RSHUDV\RQHOELOJLOHULQGRรทUXJยYHQLOLUYHJยQFHOROPDVร•

 

YH


G  7ยP%DQNDoDOร•รบDQODUร•Qร•QHWNLQOLNOHULQLQ%DQNDSROLWLNDODUร•XVXOYH HVDVODU DKODNL NXUDOODU VWDQGDUWODU YH LOJLOL \DVDO Gย]HQOHPHOHU LOH KXNXNNXUDOODUร•QDX\JXQROPDVร• H  %DQNDQร•Q WยP ND\QDNODUร•Qร•Q HOGH HGLOPHVLQGH YH NXOODQร•OPDVร•QGD HWNLQOLรทLQVDรทODQPDVร• I 

%DQNDQร•Q Lo NRQWURO VยUHFLQGH VยUHNOL ELU NDOLWH YH L\LOHรบWLUPH oDEDVร•Qร•QJHOLรบWLULOPHVL

J  %DQND

oDOร•รบPDODUร•Qร•

HWNLOH\HQ

|QHPOL

\DVDO

YH

Gย]HQOH\LFL

NRQXODUร•QLOJLOL%LULPYHรนXEHOHUH\|QOHQGLULOGLรทLQLQL]OHQPHVL K  'HQHWLPOHU Vร•UDVร•QGD \|QHWVHO NRQWURO YHULPOLOLN YH %DQNDQร•Q NXUXPVDO

NLPOLรทLQH

EXOJXODUร•Q

X\JXQ

LOLรบNLQ

NRQXODUGD

\|QHWLP

HOGH

NDGHPHOHUL

HGLOHFHN LOH

|QHPOL

J|UยรบยOHUHN

GHรทHUOHQGLULOPHVL รธo 'HQHWLP *HQHO 0ยGยUOยรทยยถQยQ J|UHYOHUL DUDVร•QGD X\JXQ ULVN WDQร•PODPD \DNODรบร•PODUร•Qร• NXOODQDUDN %DQNDQร•Q WยP %LULP YH รนXEHOHULQLQ HWNLQOLNOHULQL YH EX %LULP YH รนXEHOHULQ GHQHWLP Vร•NOร•รทร•Qร• J|VWHUHQ HVQHN YH X\JXODQDELOLU ULVN RGDNOร• GHQHWLP SODQODUร• \DSPDN YH JHOLรบWLUPHN GHQHWLP SODQODUร•QGD WDQร•PODQDQ ULVNOHULQ |OoยOPHVLQL VDรทODPDN GHQHWLP SODQODUร•Qร• %DรบNDQยถร•Q RQD\ร•QD VXQPDN YH \HWHUOL Lo NRQWURO XQVXUODUร•Qร•Q ROXรบWXUXOXS ROXรบWXUXOPDGร•รทร•Qร•GHรทHUOHQGLUPHN\HUDOร•U

'HQHWoLOHU %DQNDQร•Q

ILQDQVDO

X\JXQ YH

GHรทHUOHQGLUPH

RSHUDV\RQHO

NULWHUOHUL

ELOJLOHULQLQ

JHOLรบWLUPHN

GRรทUXOXรทX

VXUHWL\OH

WDPOร•รทร•

YH

JยYHQLOLUOLรทL RSHUDV\RQODUร•Qร•Q HWNLQOLรทL YH YHULPOLOLรทL DNWLIOHULQLQ NRUXQPDVร• YH NXUDOODUD DQODรบPDODUD WDOLPDW YH PHY]XDWD X\JXQOXรทX VยUHoOHULQLQ \HWHUOLOLN YH HWNLQOLรทLQL VยUHNOL GHQHWOH\HUHN %DQNDQร•Q HWNLQ ELU Lo NRQWURO VยUHFLQL VยUGยUPHVLQH \DUGร•PFร• ROXUODU $\Uร•FD Lo NRQWURO VยUHoOHULQH LOLรบNLQ RODUDN |QHPOL NRQWURO \HWHUVL]OLNOHUL YH X\JXODPD IDUNOร•Oร•NODUร•Qร•Q RUWD\D oร•NDUร•OPDVร• YH |QHPOL HNVLNOLNOHU VDSWDQร•S VDSWDQPDGร•รทร• YH EXQODUร• JLGHULFL |QOHPOHULQ DOร•Qร•S DOร•QPDGร•รทร• NRQXODUร•Qร• GHรทHUOHQGLULUOHU YH GHQHWOHUOHU 'HQHWoLOHU GHQHWLPOHULQL ULVN ED]Oร• Lo GHQHWLP SODQODUร• LOH JHUoHNOHรบWLULUOHU 2ODVร• ULVNOHULQ VDSWDQPDVร• GHรทHUOHQGLULOPHVL

YH

D]DOWร•OPDVร•

DPDFร•\OD

|QHULOHU

JHWLULOPHVL

\ROX\OD

%DQNDQร•Q ULVN \|QHWLPL VยUHFLQH NDWNร•GD EXOXQXUODU %X J|UHYOHULQL \HULQH JHWLULUNHQ

 


D  %DQNDQร•Q

oDOร•รบPDODUร•QGD

NDUรบร•ODรบDELOHFHรทL

ULVNOHULQ

X\JXQ

ULVN

PHWRGRORMLOHUL NXOODQร•ODUDN WDQร•PODQPDVร• |QHP Vร•UDVร•QD NRQXOPDVร• YH NDEXO HGLOHELOLU ELU ULVN VHYL\HVLQLQ EHOLUOHQPHVLQH \DUGร•PFร• ROXQPDVร• E  6DSWDQDQ ULVNOHULQ D]DOWร•OPDVร• HรทHU EX \DSร•ODPD]VD NDEXO HGLOHELOLU Gย]H\OHUGH WXWXOPDVร• LoLQ DOร•QPDVร• JHUHNHQ |QOHPOHULQ EHOLUOHQPHVL YHX\JXODPD\DNRQXOPDVร• F  5LVN

\|QHWLP

VยUHoOHULQLQ

%DQNDQร•Q

\DSร•Vร•QD

NยOWยUยQH

Eย\ยNOยรทยQH\|QHWLPรบHNOLQHYHKHGHIOHULQHX\JXQROPDVร• G  5LVN \|QHWLPLQGH NXOODQร•ODQ PHWRGODUร•Q oDOร•รบPD NRQXVXQD X\JXQ ROPDVร• H  5LVN

L]OHPH

HWNLQOLNOHULQLQ

UDSRUODPDVร•Qร•Q

\HWHUOLOLรทL

YH

]DPDQODPDVร•Qร•QX\JXQROPDVร• I 

%DQNDQร•Q ULVN \|QHWLPL oDOร•รบPDODUร•Qร•Q HWNLQOLรทLQLQ VยUHNOL L]OHQPHVL YH

GHรทHUOHQGLULOPHVL

KXVXVODUร•Qร•

GLNNDWH

DODUDN

Lo

GHQHWLP

HWNLQOLNOHULQLJHUoHNOHรบWLULUOHU 7ยUNL\H &XPKXUL\HW 0HUNH] %DQNDVร•ยถQGD Lo NRQWURO YH ULVN |OoยPยQH LOLรบNLQ รธo 'HQHWLP *HQHO 0ยGยUOยรทยยถQยQ LรบOHYOHULQL Nร•VDFD |]HWOHGLNWHQ VRQUD ELU VRQUDNL E|OยPGH 0XKDVHEH *HQHO 0ยGยUOยรทย EยQ\HVLQGH \HU DODQ .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQยQ IDDOL\HWOHUL KHP Lo NRQWURO KHP GH WDรบร•Gร•รทร•ULVNXQVXUODUร•Doร•Vร•QGDQD\Uร•QWร•Oร•RODUDNHOHDOร•QDFDNWร•U



.DPEL\R

0XKDVHEHVL

8\JXODPDODUร•QGD

รธo

.RQWURO

6LVWHPLQLQ

'HรทHUOHQGLULOPHVL

7&0% 7HรบNLODW YH *|UHYOHUL (VDV <|QHWPHOLรทL   0DGGH ยถ\D J|UH 0XKDVHEH*HQHO0ยGยUOยรทยEยQ\HVLQGH\HU DODQ.DPEL\R0XKDVHEHVL 0ยGยUOยรทย

ยณ0XKDVHEH ND\ร•WODUร•QD LOLรบNLQ RODUDN รธGDUH 0HUNH]LยถQFH \DSร•ODQ NDPEL\R LรบOHPOHULQL PXKDVHEHOHรบWLUPHN PXKDELUOHUGHQ DOร•QDQ YH รบXEHOHUL LOJLOHQGLUHQ ERUo YH DODFDN GHNRQWODUร•Qร• JHUHNOL PDKVXS G|YL] DOร•รบ YH\D G|YL] VDWร•รบ LรบOHPOHULQLQ \DSร•OPDVร•Qร• WHPLQHQ LOJLOL รบXEHOHUH GHYUHWPHN รบXEHOHULQ LรบOHPOHULQL

PXKDELU YH

KHVDSODUร•Qร•

EXQODUD

NXOODQDUDN

LOLรบNLQ

IDL]

JHUoHNOHรบWLUGLNOHUL PDVUDI

YH

NDPEL\R

NRPLV\RQODUร•

PXKDVHEHOHรบWLUPHN KDULoWHNL PXKDELUOHU DGร•QD %DQND QH]GLQGH Doร•ODQ G|YL]KHVDSODUร•Qร•WDNLSYHNRQWUROHWPHN

 


<XUWGร•รบร• PXKDELUOHU QH]GLQGH Doร•ODQ G|YL] KHVDSODUร•QD LOLรบNLQ HNVWUH

YH

GHNRQWODUร•Q

%DQND

PXKDVHEH

ND\ร•WODUร•

LOH

NRQWUROย



YH

PXWDEDNDW VDรทODQPDVร• LoLQ รบXEHOHU YH PXKDELUOHU QH]GLQGH JLULรบLPOHUGH EXOXQPDN

\XUWGร•รบร•

PXKDELUOHU

QH]GLQGHNL %DQND KHVDSODUร• NDQDOร•\OD

J|QGHULOHQ KDYDOHOHULQ VRQXFX KDNNร•QGD PXKDELU EDQND YHYH\D OHKGDU WDUDIร•QGDQ \DSร•ODQ EDรบYXUXODUร• FHYDSODQGร•UPDN %DQND .DQXQX X\DUร•QFD %DQND G|YL] HIHNWLI YH DOWร•Q PHYFXWODUร•Qร•Q \HQLGHQ GHรทHUOHQGLULOPHVL VRQXFX PH\GDQD JHOHQ NXU IDUNODUร•Qร• +D]LQH 0ยVWHรบDUOร•รทร• LOH \DSร•ODFDN SURWRNROHJ|UHWDVIL\HHWPHNEXNRQXODUGDJHUHNOLWDOLPDWODUร•KD]ร•UODPDN

gGHPH YH WDKVLODWD LOLรบNLQ RODUDN G|YL]HIHNWLI SL\DVDODUร•QGD \DSร•ODQ G|YL] DOร•P YH G|YL] VDWร•P LรบOHPOHULQH LOLรบNLQ 7ยUN /LUDVร• |GHPH YH WDKVLODWODUร• \DSPDN %DQNQRW 0DWEDDVร• *HQHO 0ยGยUOยรทย LOH รธQรบDDW YH 0DO]HPH *HQHO 0ยGยUOยรทย Gร•รบร•QGD NDODQ รธGDUH 0HUNH]L ELULPOHULQLQ \XUW

Gร•รบร•QGDQ WHPLQ HGHFHรทL PDO YH KL]PHW EHGHOOHUL LOH \XUW Gร•รบร• WHPVLOFLOLN JLGHUOHULQHLOLรบNLQG|YL]WUDQVIHUOHULQL\DSPDN

5DSRUODPD\D LOLรบNLQ RODUDN G|YL] KHVDSODUร•Qร•Q JยQOยN KDIWDOร•N D\Oร•N YH \ร•OOร•N YD]L\HWOHULQL KD]ร•UODPDN %DQND NRQVROLGH ELODQoRVXQD HVDV ROPDN ย]HUH \ร•O VRQODUร•QGD NDPEL\R KHVDSODUร• HQYDQWHUOHUL LOH PXYD]HQH FHWYHOOHULQL KD]ร•UODPDN รธGDUH 0HUNH]L YH รบXEHOHULQ |GHPHOHU GHQJHVL LVWDWLVWLN

YD]L\HWOHULQLQ

NDOHPOHUL

LOH

KD]ร•UODQPDVร•

PXWDEDNDWร•Qร•Q

NRQVROLGH

VDรทODQPDVร•

HGLOPHVL

LรบOHPOHULQL

YH

ELODQoR

\ยUยWPHNยด

LOH

J|UHYOLGLU .DPEL\R

0XKDVHEHVL

0ยGยUOยรทย

V|]

NRQXVX

IDDOL\HWOHUL

\HULQH

JHWLULUNHQ *HQHO 0ยGยUOยN EยQ\HVLQGH \HU DODQ %LODQoR YH +HVDSODUร• รธ]OHPH 0ยGยUOยรทย %ยWoH YH 3ODQ 0ยGยUOยรทย 0XKDVHEH 0ยGยUOยรทย YH (OHNWURQLN gGHPHOHU 0ยGยUOยรทย LOH ELUOLNWH oDOร•รบPDQร•Q \DQร• Vร•UD 3L\DVDODU *HQHO 0ยGยUOยรทย 'ร•รบ รธOLรบNLOHU *HQHO 0ยGยUOยรทย %LOJL รธรบOHP *HQHO 0ยGยUOยรทย รธรบoL '|YL]OHUL *HQHO 0ยGยUOยรทย (PLV\RQ *HQHO 0ยGยUOยรทย YH รธOHWLรบLP *HQHO 0ยGยUOยรทย LOH GH NRRUGLQHOL ELU รบHNLOGH LรบOHPOHULQL \ยUยWPHNWHGLU รนHNLO  .DPEL\R 0XKDVHEHVLQLQ \HULQL YH EDQND EยQ\HVLQGH \HU DODQ GLรทHU JHQHO PยGยUOยNOHULOHEDรทODQWร•Vร•Qร•J|VWHUPHNWHGLU

*iรฟ1รฆรง?รฒรฌMรถรฌ+รฌรตรฌรซ,*iรทรท1รฑ รซ รทรท 

ย€รช รซ รงรต -รบ

รฎรฌ

.qรฌ1รฒรง1รนMรซ รงMรฑmรฐ / รณ1รซ รฌรญPรฌ0*12#

 รงMรญdรถMรช รฏรบ *dรฟ?รฆรงรฒรฌรถรฌ1รฒ?รช *dรท9  รท?รฑ รซ รท  รท

 รซ รฌรดรจ รฑ รบรต?รช รด ย€ 3 1  รฌMรญPรฌ9รซ รฌรฑ * รท9รท?รฑ รซ รทรท d

 



4ย€รช รฏรง?รฒรงMรซ รงรฑ รฌ9รตรฌ9รซ*5#

รฐ รพ / รซ รช รพรดรช รซ รฌ9รฑ รฌรตรฌรซ,*12#



 รช รซ รฝ รช / รพรซ รฌรญ ย€ รฌ9รตรฌ9รซ*5#

/ รพ-รช

76 รฎ

รช รณ?รซ รฌ9รฑ รช รฌ9รตรฌ9รซ*5#

ย€รทรจ -รฌ

รฎ รฌ

4ย€รซ รงMรต *iรท  รท1รฑ รซ รท9รท

*iรฟ1รฆรง?รฒรฌMรถรฌ *iรท  รท1รฑ รซ รท9  รท



Kรญkรช รฒรฏรบรต รฌ9รตรฌ9รซ*5#

/ รซ รฌ?รจ รช รพรช รญ รฌ9รตรฌ9รซ*5#

รนHNLO.DPEL\R0XKDVHEHVL0ยGยUOยรทยYHรธรบOHP<ยUยWWยรทย*HQHO0ยGยUOยNOHU

 


%X E|OยPGH .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQGH JHUoHNOHรบWLULOHQ IDDOL\HWOHU

ULVN

|OoยPย

YH

Lo

NRQWURO

VWDQGDUWODUร•

oHUoHYHVLQGH

GHรทHUOHQGLULOHFHNWLU 'DKD |QFH GH EHOLUWLOGLรทL JLEL Lo NRQWURO VLVWHPOHULQLQ GHรทHUOHQGLULOPHVLQGH

QRW

DOPD

DQNHW

YH

DNร•รบ

รบHPDVร•

\|QWHPOHUL

NXOODQร•OPDNWDGร•U .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQGH IDDOL\HWOHULQ oHรบLWOLOLรทL YH VD\ร• RODUDN GD ID]OD ROPDVร• QHGHQL\OH Lรบ DNร•รบ รบHPDVร• \|QWHPLQLQ NXOODQร•OPDVร• ID\GDOร• RODFDNWร•U รธรบ DNร•รบรบHPDODUร•ROD\ร•QGRรทXรบXQGDQPXKDVHEH ND\ร•WODUร•QD JHoLULOPHVLQH YH DLW ROGXรทX KHVDED \DQVร•Wร•OPDVร•QD NDGDU JHoHQ WยP LรบOHPOHUL รบHPDWLN RODUDN J|VWHULU $Nร•รบ รบHPDODUร• \DUGร•Pร•\OD LรบOHPLQ WDPDPODQPD Vร•UDVร• LรบOHPLQ WDPDPODQPDVร•QGD NXOODQร•ODQ EHOJHOHU YH LรบOHPH NDWร•ODQ E|OยP YH\D NLรบLOHU LOH ELUELUOHUL DUDVร•QGDNL LOLรบNLOHU NROD\Oร•NOD L]OHQHELOLU $Nร•รบ

รบHPDODUร•Qร•Q

\DUDUร•

D\Qร•

E|OยPยQ

YH\D

NLรบLQLQ

VRUXPOXOXรทXQD

YHULOPHPHVL JHUHNHQ IDDOL\HWOHUL YH Lo NRQWURO VLVWHPLQLQ GLรทHU DNVDNOร•NODUร•Qร• รบHPDWLN RODUDN J|VWHUPHVLGLU %|\OHFH IRQNVL\RQODU DUDVร•QGDNL X\XPVX]OXNODU YH VLVWHPLQ DNVD\DQ \DQODUร• RUWD\D oร•NDUร•OPร•รบ ROXU %X WHNQLรทLQ NXOODQร•OPDVร• |]HOOLNOH NDUPDรบร•N GXUXPODUร•Q DQDOL]L \DSร•OPDN LVWHQGLรทL ]DPDQODUGD oRN \DUDUOร•Gร•U

รธรบ

DNร•รบ

KHUELULQLQ

D\Uร•

รบHPDODUร•Qร•Q

DQODPร•

YDUGร•U

KD]ร•UODQPDVร•QGD (N

ยถGH

Lรบ

NXOODQร•ODQ

DNร•รบ

รบHPDVร•

VHPEROOHULQ VHPEROOHUL

WDQร•PODQPร•รบWร•U

รธoNRQWUROVLVWHPLQLQGHรทHUOHQGLULOPHVLEDQNDYH\DLOJLOLE|OยPHLOLรบNLQLo NRQWURO KHGHIOHULQLQ EHOLUOHQPHVL LOJLOL SROLWLND SURVHGยU YH G|NยPDQODUร•Q LQFHOHQPHVL NRQWUROOHULQ VRUXPOX NLรบLOHUOH GHรทHUOHQGLULOPHVL NRQWURO \DSร•Vร•Qร•Q J|]OHQPHVL LรบOHPOHULQ WHVW HGLOPHVL RUWD\D oร•NDQ VRQXoODUร•Q HQGLรบHOHULQ YH\D |QHULOHULQ ยVW \|QHWLPOH SD\ODรบร•OPDVร• YH RUWD\D oร•NDQ HNVLNOLNOHU YH\D NRQWURO

ERรบOXNODUร•QD

EHOLUOHQPHVL LQWFQWUOSGI 

LOLรบNLQ

DรบDPDODUร•Qร• 6LVWHPLQ

]DPDQร•QGD NDSVDU

|QOHPOHU

DOร•Qร•S

DOร•QPDGร•รทร•Qร•Q

KWWSZZZRFFWUHDVJRYKDQGERRN

GHรทHUOHQGLULOPHVL

DรบDPDVร•QGD

Lo

NRQWURO

VWDQGDUWODUร•Qร•Q KHU ELUL D\Uร•D\Uร•HOHDOร•Qร•U'HรทHUOHQGLUPHVRQXFXRUWD\D oร•NDQ WDEORL\LWDWPLQNDUYH\D]D\ร•IRODUDNEHOLUOHQLU

.DPEL\R 0XKDVHEHVL X\JXODPDODUร•QGD Lo NRQWURO YH ULVN |OoยPย LQFHOHQLUNHQ IDDOL\HWOHULQ KHUELULQL D\Uร• D\Uร• LQFHOHPHN \HULQH D\Qร• DNWLYLWH DGร• DOWร•QGD WDNLS HGLOHQ IDDOL\HWOHU WHN ELU Lรบ DNร•รบ รบHPDVร•QGD J|VWHULOHFHNWLU %X GXUXP

ELUELULQGHQ

IDUNOร•

SURVHGยUOHU

 

WDNLS

HGHQ

LรบOHPOHUL

LQFHOHPHN


GHรทHUOHQGLUPHN

YH

|QHULOHUGH

EXOXQPDN

Doร•Vร•QGDQ

ID\GDOร•

RODFDNWร•U

)DDOL\HWOHUL D\Uร• D\Uร• LQFHOHPH\H EDรบODPDGDQ |QFH PยGยUOยN EยQ\HVLQGHNL LรบOHPOHULQ LรบOH\LรบLQL JHQHO RODUDN |]HWOH\HQ ELU Lรบ DNร•รบ รบHPDVร• รนHNLO ยถGH VXQXOPXรบWXU































Y : ZH : HK879 ; [X\KD[OD9 ;]<=^ ? : =A_ =C H `A: 9 JK91H : H `AC H ;K<=>? ;? ; =: ? ;AJ =AL?

   

@9 B H : JO9LH

 

89 : 9 ;<=>? ; ? ;9A@B =CED9F G 9 B H ;9 CI=< D9D H : JK9LAHM@A9 ;NAJ =B =

 

Y : Z H : H2L 9 B @H L 9 c =@=: 9LAHqH kH ;raAH B H J <m;9AG H _ H LAH ; 9 @A9 B H : JK9LAH

  















































































 



P = B =G ? : =;G =a: T: =B%@A9A<=b<=^ ? : =; H `A: 9 JO9d c 9L=^A: =J =: =B : =d   H : H `AC)H ; D W >)9 ;A: 9JO9 : 9 B H ;K<=^ ? : JO=AL?





\ N c =AL 9 a9SC)=< D? ; ? ;s<=B = G ? : =B =C ^H C W B =: ? ;J =L?

j [A;WL c = R$H : =;Ak TXl59L[ Y >: [A\KD[ Zm;D9 B H : H B n

  





























  







D ? ;SRUT;A=<?VH : 9 P = B =G ? : =;QC)=<  C)T; G B T: WK@A9XH JK>  = : =;JO=AL?





o A[ ;WL c = DTAL)<=: =; ? B p 

 



P = B =G ? : =;eC)= < D? ;gfhT;A=<?iH : 9 C)T; G B T: WK@A91H J> =: =;JO=AL?

 รนHNLO.DPEL\R0XKDVHEHVL0ยGยUOยรทย*HQHOรธรบ$Nร•รบรนHPDVร•

รนHNLO ยถGH J|UยOGยรทย JLEL .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQGH IDDOL\HWOHULQ

ELUoRรทXQXQ

EDรบODQJร•o

QRNWDVร•

GLรทHU

*HQHO

0ยGยUOยNOHUGHQ

\DSร•ODFDN LรบOHPH LOLรบNLQ DOร•QDQ \D]ร•ODUGร•U <D]ร•ODU DOร•Qร•S HYUDN GHIWHULQH LรบOHQGLNWHQ VRQUD LรบOHPGHQ VRUXPOX NLรบL\H YHULOLU รธรบOHPOH LOJLOL HรทHU \DSร•OPDVร• JHUHNHQ KHVDSODPDODU YDUVD \DSร•ODUDN ELULP WDUDIร•QGDQ NXOODQร•OPDNWD RODQ

 


PXKDVHEH

ELOLúLP

VLVWHPLQGHQ

LúOHPH

LOLúNLQ

PXKDVHEH

ND\GÕ

\DUDWÕOÕU

<DUDWÕODQ PXKDVHEH ND\GÕQÕQ NRQWURO LNL DúDPDOÕ \DSÕOÕU 6ÕUDVÕ\OD % YH $ RQD\ÕQGDQ JHoWLNWHQ VRQUD PXKDVHEH ND\GÕQD DLW GHNRQWXQ ELU QVKDVÕ %LODQoR YH +HVDSODUÕ ø]OHPH 0GUO÷¶QHYHULOLUGL÷HUELUQVKDVÕLVHLúOHPL \DSDQ

NLúL

WDUDIÕQGDQ

VDNODQPDN

]HUH

GRV\DODQÕU

(÷HU

LúOHP

WDNLS

JHUHNWLUL\RUVD YHUL JLULúL \DSDQ NLúL WDUDIÕQGDQ ROXúWXUXODQ WDEOR\D LúOHQLU 6RQ DGÕP RODUDN GD PXKDVHEH ND\GÕ \DUDWÕODQ KHU LúOHPH DLW KHVDS YH HNVWUH PXWDEDNDWÕ\DSÕODUDNLúOHPWDPDPODQÕU

%LU VRQUDNL E|OPGH PGUON EQ\HVLQGH ELUELULQGHQ IDUNOÕ LúOHPOHU LoNRQWUROVLVWHPLQLQX\JXODQPDVÕDoÕVÕQGDQGH÷HUOHQGLULOHFHNWLU

$OWÕQøúOHPOHUL

.DPEL\R 0XKDVHEHVLQGH DOWÕQ LúOHPOHUL DGÕ DOWÕQGD o WU LúOHP JHUoHNOHúPHNWHGLU %XQODU DOWÕQ GHSRVX LúOHPOHUL GRODU NXUXQXQ JQON RODUDN

EHOLUOHQPHVL

QHGHQL\OH

DOWÕQ

PHYFXGXPX]XQ

JQON

RODUDN

GH÷HUOHQGLULOGL÷L DOWÕQ HYDODV\RQX YH KHU D\ VRQX LWLEDUL\OH KD]ÕUODQDQ DOWÕQ YD]L\HWLGLU ùHNLO ¶GHNL Lú DNÕú úHPDVÕQGD DOWÕQ LúOHPOHULQGHQ DOWÕQ GHSRVX LQFHOHQPLúWLU ùHPDGD GD J|VWHULOGL÷L JLEL 3L\DVDODU *HQHO 0GUO÷¶QGHQ DOÕQDQ \D]Õ  LOH LúOHP EDúODWÕOPDNWDGÕU %XUDGD DNOD JHOHELOHFHN ELU VRUX \D]ÕQÕQ ELUúHNLOGHDWODQPÕúROPDVÕYH\DXQXWXOPDVÕGXUXPXQGDLúOHPHLOLúNLQ PXKDVHEH ND\GÕQÕQ ]DPDQÕQGD \DSÕODPD\DFDN ROPDVÕGÕU 0XKDELU KHVDSODUÕ PXWDEDNDWÕQÕQ

JQ

JQQH

WDNLS

HGLOPHVL

E|\OH

ELU

LúOHPLQ

\DSÕOPÕú

ROGX÷XQX RUWD\D oÕNDUDFDNWÕU 'ROD\ÕVÕ\OD LúOHPL DWODPDN PPNQ GH÷LOGLU VDGHFH]DPDQÕQGDPXKDVHEHOHúPHVLPPNQROPD\DFDNWÕU

<D]Õ DOÕQGÕNWDQ VRQUD LúOHP VDIKDVÕQGD PXKDVHEH ND\GÕQÕ \DSDQ NLúL LOH

RQD\

YHUHQ

NLúLOHULQ

D\QÕ

NLúLOHU

ROPDPDVÕQD

GLNNDW

HGLOPHOLGLU

NL

X\JXODPDGD YHUL JLULúL \DSDQ NLúLOHU LOH RQD\YHUHQNLúLOHUD\UÕGÕUdQNLúOHP DúDPDVÕQGD

|]HOOLNOH

KHVDSODPD

YH\D

ED]Õ

G]HQOHPHOHU

\DSÕODUDN

PXKDVHEH ND\GÕ \DUDWÕOÕ\RUVD NL DOWÕQ LúOHPLQGH E|\OH ELU DúDPD PHYFXWWXU EDúND ELU J|]OH LúOHPLQ NRQWURO |QHP WDúÕPDNWDGÕU $OWÕQ GHSRVX LúOHPLQGH DOWÕQÕQ

VDIL

JUDP

YH

7UN

OLUDVÕ

WXWDUÕQÕQ

KHVDSODQPDVÕ

RWRPDWLN

\DSÕOPDPDNWDGÕU 'ROD\ÕVÕ\OD KHVDSODPD VÕUDVÕQGD ROXúDELOHFHN ELU KDWD

 


PXKDVHEH ND\ÕWODUÕQD GD \DQVÕ\DFDNWÕU  %X QHGHQOH KHVDSODPDQÕQ RWRPDWLN \DSWÕUÕOPDVÕ ROXúDELOHFHN KDWDQÕQ HQ D]D LQGLUJHQPHVL DoÕVÕQGDQ |QHPOLGLU 2QD\ DúDPDVÕQGD oLIW NRQWURO X\JXODQÕS LúOHPOHU % YH $ RQD\ÕQGDQ JHoWLNWHQ VRQUDGHSRLúOHPLWDNLSJHUHNWLUHQELULúOHPROGX÷XQGDQH[FHOWDEORVXQDYHUL JLULúL

\DSDQ

NLúL

PXKDVHEHOHúWLUHQ

WDUDIÕQGDQ NLúL

LOH

LúOHQPHNWHGLU

WDEOR\D

JLULú

%X

\DSDQ

DúDPDGD NLúL

D\QÕ

GD

LúOHPL

ROGX÷XQGDQ

NRQWUROOHULQoRNGLNNDWOL\DSÕOPDVÕJHUHNPHNWHGLU

 





























z H <=AL=: =B{8K; [|\KD[ } DA9 ;Z9 : 9 ; <=>? ; ? ;%Z9 : 9 ;'9A@B =C~D9F G 9 B H ;9 C)= < D9D H : H ^,;NAJ =B =O@A9 B H : JK9LAH

  



  





























Y : ZH : HOL 9 B @H L 9 c = @=: 9LAH,H kH ;t\KD[ @A9<=1\KD[ P B D[A;= @A9 B H : JK9LAH

   

u 9 ^T+<=^ ? : =;v=: G ? ; ? ;+wq[ Z B$@A9vx5y G N)G =B ? ;? ; c 9AL=^: =;JO=AL?

 

j [A;AWL c = R5H : =;Ak T1l59L[ Y >: [\KD[ Zm; D

 

\ N c A= L 9 a9R5H : H `AH J€w2H L)G 9 J H ;D9 ; J,N c A= L 9 a9XC)=< D?)<=B =G ? : JO=AL?

  











































 



o A[ ;AWL c = DTAL)<=: =; ? B [

= B =G ? : =;bC)=< D? ;RgT;A=<?rH : 9 P  C)T; G B T: W@A91H JK> =: =;J =AL?

  































= B = G ? : =;VC)=< D? ;fT;=<?|H : 9 P  C)T;)G B T: W@A91H JK> =: =;AJ =AL? 

 ùHNLO$OWÕQøúOHPOHUL$OWÕQ'HSRVXøú$NÕúùHPDVÕ



 

u 9 ^AT;AN; @=AD9ALAH ;AH G =C H ^ H kH ;O9A‚_)9 : DTAL)<=AL? ;A=  H `A: 9 ;H B [


$UELWUDMรธรบOHPOHUL

รนHNLO ยถWH Lรบ DNร•รบ รบHPDVร• J|VWHULOHQ DUELWUDM LKWL\Do GX\XODQ ELU G|YL]LQ VDรทODQPDVร• YH\D XOXVODUDUDVร• SL\DVDODUGDNL SDULWHOHUGHQ \DUDUODQDUDN NkU HWPHN DPDFร•\OD PHYFXW RODQ ELU G|YL]LQ VDWร•ODUDN ELU EDรบND G|YL]LQ DOร•QPDVร• LรบOHPLGLU $UELWUDM LรบOHPOHULQGH LรบOHPLQ PXKDVHEHOHรบPHVL PDQXHO RODUDN JHUoHNOHรบPHNWHGLU 'ROD\ร•Vร•\OD KHU ]DPDQ LรบOHPH LOLรบNLQ ELU KDWD SD\ร• PHYFXWWXU $UELWUDM LรบOHPL LoLQ KHVDSODQPDVร• JHUHNHQ NkU ]DUDU YH NXU IDUNร• H[FHO GRV\DVร•QGD DOร•QDQ YH VDWร•ODQ G|YL] FLQVOHUL YH PLNWDUODUร• LรบOHPLQ EDรทODQWร•WDULKLYHYDO|UยQยQJLULOPHVL\OHKHVDSODQPDNWDGร•U

0XKDVHEH ELOLรบLP VLVWHPLQGHQ LรบOHPLQPXKDVHEHOHรบPHVLLoLQVLVWHPH JLULOHQ YHULOHUGH GLNNDWWHQ NDoDQ ELU XQVXU QHGHQL\OH  DOร•QDQ YH VDWร•ODQ  G|YL] FLQVLQLQ WHUV \D]ร•OPDVร• PXKDELU DGร•Qร•Q \DQOร•รบ NRGODQPDVร• YDO|UยQ YH\D EDรทODQWร• WDULKLQLQ \DQOร•รบ ROPDVร• VRQXFX ROXรบDQ PXKDVHEH ND\Gร• DQFDN PXKDELUGHQ

DOร•QDQ

HNVWUHOHUOH

KHVDSODUร•Q

PXWDEDNDWร•

\DSร•OGร•รทร•QGD

YH\D

KHVDS EDNL\HOHULQGH EHNOHQPH\HQ IDUNOร•Oร•NODU J|]OHPOHQGLรทLQGH RUWD\D oร•NDU 6RQXo RODUDN LรบOHP Gย]HOWLOHELOLU DPD E|\OH ELU VยUHo KHP ]DPDQ ND\Eร• \DUDWร•U KHP GH LรบOHPOHULQ YHULPOL ELU ELoLPGH \ยUยWยOHELOPHVLQL HQJHOOH\HELOLU 'ROD\ร•Vร•\OD

DPDo

ULVNOHUL

YH

KDWDODUร•

PLQLPL]H

HWPHNVH

|QHPOL

RODQ

RWRPDV\RQXQGHUHFHVLGLU

.RQWURO

IDDOL\HWOHUL

Doร•Vร•QGDQ

EDNร•OGร•รทร•QGD

NDGHPH

NDGHPH

RWRPDV\RQD JHoLOGLNoH NRQWURO HGLOHFHN XQVXUODUร•Q GD D]DOGร•รทร• J|UยOPHNWHGLU 'ROD\ร•Vร•\OD DUELWUDM LรบOHPOHULQGH LรบOHPLQ EDรบODGร•รทร• \HUGH RWRPDWLN RODUDN PXKDVHEHOHรบWLULOPHVL EDรบODWร•OGร•รทร• 0XKDVHEHVL

ELULP

VDรทODQGร•NWDQ

'|YL]

YH

0ยGยUOยรทยยถQFH

VRQUD

(IHNWLI GH

NL

EX

3L\DVDODUร•

JHUHNOL

X\JXODPDPร•]GD 0ยGยUOยรทยยถGยU

NRQWUROOHULQ

\DSร•ODUDN

LรบOHPLQ

.DPEL\R LรบOHPLQ

WDPDPODQPDVร• LรบOHULQ KHP Kร•]Oร• KHP GH HWNLQ ELU รบHNLOGH \ยUยWยOPHVL YH E|OยPOHU DUDVร•QGDNL NRRUGLQDV\RQXQ GD JยoOย ROPDVร•Qร• VDรทODPDN Doร•Vร•QGDQ ID\GDOร•

RODFDNWร•U

(รทHU

NRQWURO DรบDPDVร•QGD KHVDS ND\ร•WODUร• LOH PXKDELU

ND\ร•WODUร• DUDVร•QGD ELU PXWDEDNDWVร•]Oร•N RUWD\D oร•NDUVD EX GXUXPGD LOHULGH RUWD\D oร•NDELOHFHN NDUร•รบร•NOร•NODUร• |QOHPHN YH EยWยQOยรทย VDรทODPDN Doร•Vร•QGDQ Gย]HOWPH\HWNLVLQLQGHVDGHFHELUELULPGHROPDVร•JHUHNLU

 


 



z H <=AL=: =B†8K; [V\KD[ } D9 ;‡Z9: 9 ; <=>? ;? ; 9A@B =C DA9AF G 9 B H ;9 C)=< D9AD H : H ^,;NJO=B =K@A9 B H : JO9ALAH

 







































       

Y : ZH : H,L 9 B @H L)9 c =@=: 9LAH1H kH ;ƒ\KD[ @A9<=1\KD[ P B D[A;=O@A9 B H : JK9LAH

  

 

fqB aAH G B =Iˆ D=;{DTA=;rC)‘B > =B =B7@A9 C NABF =B CA? ; ? ; c 9L=^A: =;J =AL? [

    













































fqB aH G B =Iˆ^H C WB W =: ? ;JO=AL?

fqB aH G B =Iˆ ‰%Š‹ Œg@A9C NB'F =B CA?~H kH ; J,N c =AL 9 a 90C)=<? G : =B ? ;? ;X<=B =G ? : JO=AL? @A9 D9 C)T; G : =B ? ;O=: ? ;J =L? [

J,N c =AL 9 a9 P = B =G ? : =; C)=<? G : =B ? ; ? ;„RdT;A=<?…H : 9 C)T; G B T: WK@A9XH JK> =: =;JO=AL?

 

u m @H >7fq: ? J R9 : Z9ALAH =: ? ;J =AL?

 































  















J,N c =AL 9 a9 P = B =G ? : =;  C)=<? G : =B ? ; ? ; fŽT;A=<?…H : 9  C)T; G B T: WK@A9XH JK> =: =;JO=AL?































































u m @H >Kw5=G ? J R9 : Z9ALAH =: ? ;J =AL?  

 

u = c H : H\K= c LANA^ ^AH C WAB W =: ? ;J =AL?



z H C WAB : 9 B H ; j [;AWL c =: =B ? ; ? ;1R2[ l[ Y [ \KD[ } ; 9,Zm; D9 B H : JK9LAH ‰ o [A;AWL c =: =B ? ;ODTL)<=: =;JO=AL? 

ùHNLO$UELWUDMøúOHPOHULøú$NÕúùHPDVÕ





 7/.DUúÕOÕ÷Õ'|YL]$OÕúODUÕYH6DWÕúODUÕ 7UN /LUDVÕ NDUúÕOÕ÷Õ G|YL] DOÕúODUÕ G|YL] UH]HUYLPL]LQ DUWÕUÕOPDVÕQD

\|QHOLN LúOHPOHU ROXS %DQNDPÕ]FD 7UN /LUDVÕ LOJLOL WLFDUL EDQNDODUD |GHQLUNHQ

 


WLFDUL EDQNDODUFD GD G|YL] WXWDUODUร• LOJLOL PXKDELU KHVDSODUร•Pร•]D |GHQPHNWHGLU 7ยUN

/LUDVร•

NDUรบร•Oร•รทร•

G|YL]

VDWร•รบODUร•

LVH

SL\DVDGDNL

7ยUN

/LUDVร•

LKWL\Do

ID]ODVร•Qร•Q JHUL oHNLOPHVLQH \|QHOLN LรบOHPOHU ROXS %DQNDPร•]FD G|YL] WXWDUODUร• LOJLOL WLFDUL EDQNDODUD |GHQPHNWH WLFDUL EDQNDODUFD GD 7ยUN /LUDVร• NDUรบร•Oร•NODUร• %DQNDPร•]D |GHQPHNWHGLU 7/ NDUรบร•Oร•รทร• G|YL] DOร•รบ YH VDWร•รบ LรบOHPOHULQGH '|YL] YH (IHNWLI 3L\DVDODUร• 0ยGยUOยรทย LOH NRRUGLQHOL ELU รบHNLOGH DQD VLVWHPGH ROXรบWXUXODQ 7/ '|YL] (NUDQร• NXOODQร•ODUDN JHUoHNOHรบHQ LรบOHPOHULQ PXWDEDNDWร• \DSร•OPDNWDGร•U (NUDQGDNL YHULOHU LOH '|YL] (IHNWLI 3L\DVDODUร• 0ยGยUOยรทยยถQGHQ DOร•QDQ \D]ร•GD EHOLUWLOHQ LรบOHPOHULQ NRQWUROย \DSร•OGร•NWDQ VRQUD 7/ NDUรบร•Oร•รทร• G|YL] DOร•รบYH\DVDWร•รบLรบOHPOHULPXKDVHEHOHรบWLULOPHNWHGLU

รนHNLO ยถWH |]HWOHQGLรทL JLEL 7/ NDUรบร•Oร•รทร• G|YL] DOร•รบODUร•QGD ()7. HNUDQร• NXOODQร•ODUDN YHUL JLULรบ \HWNLVL RODQ HOHPDQ WDUDIร•QGDQ JHOHQ \D]ร•\D LVWLQDGHQ DOร•รบ LรบOHPLQH LOLรบNLQ ELOJLOHU JLULOPHNWHGLU *LULรบ \DSร•ODQ DOร•รบ LรบOHPL % YH $RQD\ร•QGDQJHoPHNWHGLU9HULJLULรบL\DSDQNLรบLLOH%YH$RQD\ODUร•Qร•YHUHQ NLรบLOHU D\Uร• NLรบLOHUGLU $\Uร•FDVLVWHPHJLULรบEHOOLNLรบLOHUOHVร•Qร•UODQGร•Uร•OPร•รบWร•UรธรบOHP RQD\ODQGร•NWDQ

VRQUD

HรทHU

LรบOHPH

NRQX

RODQ

EDQND

()7

ย\HVL

LVH

PXKDVHEHOHรบPH RWRPDWLN ROXรบPDNWDGร•U ()7 ย\HVL GHรทLOVH EDQND YH\D NXUXOXรบODUD \DSร•ODFDN 7/ |GHPHVL รบXEHOHU DUDVร• RWRPDV\RQ VLVWHPL 6$26  DUDFร•Oร•รทร• LOH RQOLQH RODUDN J|QGHULOPHNWHGLU )DNDW รบXEHPL]H RQOLQH RODUDN J|QGHULOPHN ย]HUH PDQXHO RODUDN YHUL JLULรบL \DSร•OGร•รทร•QGD ()7 ย\HVL ROPD\DQ ELU EDQND\D 7/ |GHPHVL \DSPDN \HULQH \DQOร•รบOร•NOD EDรบND ELU EDQND ELOJLVL JLULOPHVL KHU ]DPDQ LoLQ KDWD RODVร•Oร•รทร•QD Doร•N ELU GXUXPGXU <DQOร•รบ ELU EDQND NRGXQXQ JLULOPHVL SDUDQร•Q J|QGHULOPHPHVL JHUHNHQ ELU EDQNDQร•Q KHVDEร•QD DNWDUร•OPDVร•QDVHEHSROXU'ROD\ร•Vร•\ODE|\OHELUDรบDPDGD()7ย\HVLROPD\DQ EDQND

LoLQ

YHULOHUL

HNUDQGDQ

DODUDN

RWRPDWLN

RODUDN

PXKDVHEH

ND\Gร•

ROXรบWXUXOPDVร•KDWDSD\ร•Qร•D]DOWDFDNWร•U

รนHNLO ยถGD |]HWOHQHQ 7/ NDUรบร•Oร•รทร• G|YL] VDWร•รบODUร•QGD LVH WLFDUL EDQNDODUFD G|YL] NDUรบร•Oร•รทร• 7/ |GHPHOHUL ()7 VLVWHPL DUDFร•Oร•รทร•\OD \DSร•OPDNWD ROXS \DSร•ODQ KHU |GHPH VRQXFX RWRPDWLN RODUDN PXKDVHEHOHรบPHNWHGLU ()7 ย\HVL ROPD\DQ EDQND YH NXUXOXรบODUGDQ LVH VDWร•ODQ G|YL]OHULQ 7/ NDUรบร•Oร•NODUร•Qร• WHPLQHQ PDQXHO RODUDN PXKDVHEHOHรบWLUPH LรบOHPL \DSร•OPDNWDGร•U 'ROD\ร•Vร•\OD EXDรบDPDGDGDKDWDRODVร•Oร•รทร•PHYFXWWXU%XQHGHQOH|]HOOLNOH\ยNOยPLNWDUGD

 


SDUD

WUDQVIHUOHULQL

LoHUHQ

LúOHPOHUGH

WDP

RWRPDV\RQD

JHoLOPHVL



KDWD

RODVÕOÕ÷ÕQÕPLQLPL]HHWPHNDoÕVÕQGDQ|QHPOLYHJHUHNOLGLU

u m @[ ’ F [ z H <[ƒ\KD[ } D9 ;—=: ? ` H `A: 9 J : 9 B H ;9˜H : H `AC H ;™<= >? : =B ? ; =: ? ;J =AL?

    

f: ? ;A=;(<= >? : =B ? ;†ZA9 : 9 ;(9@B =C D9AF G 9 B H ;9H `A: 9 ;JK9LAH@A9{;NJ =B = @A9 B H : JK9LAH

   

879 : 9 ;ž<=>? : =B ? ;Ux5y u m@H > 9 C B =; ? ;D=C H H `A: 9 J : 9B : 9 J,N G =aA=C)=G ? ; ? ;OL= : =;JO=AL?

    

’2“ x5Š o H `A: 9 J,H ;9 Z H B H : JO9ALAH

 

TB G =J1? ;D=; =: ? ` H : H `AC H ; aH : Z H : 9 B H ;



8KH B H `<=^? : =;,H `A: 9 JK9R+T;A= <? @A9 B H : JK9LAH

   

8KH B H `%<=^ ? : =;tH `A: 9 JO9ifŸT;A=<? @A9 B H : JK9LAH [

 

’5“ x+W < 9LAH H L 9

’5“ x+W < 9LAHID9A H : L 9‰ x5yšmAD9 JK9LAH ;D9›R"=;C)= @A9A<=,C NB NA: N `X‰



\K=;N9: J,N c [C)=< D? <=B =G ? : =B =C7`ANa 9A< 9 T;: H ;9,Zm;D9 B H : H B [



\ON c =AL 9a91C)=< D?TG TJO=G H C  T: =B =CT: N `ANB œ fq;: =A`AJO=XC NB N ” –q=B HIDm@H >K=: ? ` C NB N







fq;: =A`AJO=XC N B N • –q=B HIDm@H >K=: ? ` C NB N

Y `A: 9J]LT;ANA_N ‰

  

Œ"=B =BH kH ; u \ z D W >)9 ;A: 9 ;JO9ALAH

Š"‘BH kH ; u \ z DW >)9 ;: 9 ;JK9LAH

   

Š$= <? G : =B ? ; R{@A90f'T;A= <?5H : 9šC)T; G B T: W @A91H J>=: =;J =L?

    

j [A;AWL c =: =B ? ;XR5l Y \KD} ; 9 Zm;DA9 B H : JO9ALAH o [A;AWL c =: =B ? ;ODTL)<=: =;JO=AL?





\9L=Iˆ WA_B 9G H,@A9VR"w&\¡&} ;H ;iG = c LAH : H H kH ;Kfq;CA[ ¢&a ;9  <= >?I<=>? : J =L? ùHNLO7/.DUúÕOÕ÷Õ'|YL]$OÕúODUÕøú$NÕúùHPDVÕ

 




u m @[ ย’ F [ z H <[ยฃ\KD[ } DA9 ;ยคL=G ? ` H `A: 9 J : 9 B H ;9XH : H `AC)H ;<=>? : =B ? ; =: ? ;JO=AL?

    

f: ? ;A=;ยง<= >? : =B ? ;ย˜ZA9 : 9 ;ยง9@B =C D9AF G 9 B H ;9ยจH `A: 9 ;JK9LAHb@A9ยฉ;NJ =B = @A9 B H : JK9LAH

    

879: 9 ;K<=>? : =B ? ;Kx$y u m@H > 9C B =; ? ; D=C H H `A: 9 J : 9 B : 9 J N G =aA=C)=G ? ; ? ;OL=Aย : =;J =AL?

    

u m@H >L=G ? `? ;A=XH : H `AC H ; uqย’ fqw z D W >)9 ;: 9;JO9LAH

    

ย’5ย“ x+W < 9LAH H L 9 

















ย’5ย“ x+W < 9LAHID9Aย H : L 9ย‰

u m@H >ยฅC)=B `? : ? ย?ยฆx5y

mD9 JO9: 9B H ;D9XaA=;C)=







   

fq;: =A`AJO=XC NB N ย” ย–q=B HIDm@H >K=: ? ` C NB N



Y `A: 9 J~LT;N_N ย‰

ยŠ"ย‘BH kH ; u \ z DW >)9 ;: 9 ;AJO9LAH

f;A: =`AJ =XC NAB N ย• ย–q=B HIDm@H >K=: ? ` C NAB N 







 





ยŠ"=<? G : =B ? ;iRยชT;A=<? H : 9tC)T; G B T: W @A9XH JK> =: =;JO=AL?

    

ยŠ"=<? G : =B ? ;]fย†T;A=<? H : 9tC)T; G B T: W @A9XH JK> =: =;JO=AL?

    





j [A;AWL c =: =B ? ;XR5l Y \D} ;9 Zm; D9 B H : JO9ALAH o [A;AWL c =: =B ? ; ? ;KDTAL)<=: =;AJ =AL?

 รนHNLO7/.DUรบร•Oร•รทร•'|YL]6DWร•รบODUร•รธรบ$Nร•รบรนHPDVร•  

 



ยŒ"=B =BH kH ; u \ z D W)> 9;: 9 ;JK9LAH







\K=;N9: J,N c [AC)=< D? <=B =G ? : =B =C7`ANAa9A< 9 T;: H ;9,Zm;D9 B H : H B

\ N c =AL 9 a 91C)=< D? TG TJ =G H CT: =B =C T: N`ANAB [






'HSRรธรบOHPOHUL '|YL]

YH

(IHNWLI

3L\DVDODUร•

0ยGยUOยรทยยถQFH

JHUoHNOHรบWLULOHQ

GHSR

LรบOHPOHUL 7&0%ยถQLQ WDUDI ROGXรทX GHSRODU YH WDUDI ROPDGร•รทร• NDUรบร•ODรบDQ  GHSRODU ROPDNย]HUHLNLoHรบLWWLU7&0%ยถQLQWDUDIROGXรทX\XUWLoLDOร•QDQGHSRODU \XUW LoL SL\DVDQร•Q G|YL] LKWL\DFร•Qร• NDUรบร•ODPDN DPDFร•\OD 7LFDUL EDQNDODU QH]GLQGH YDGHOL G|YL] KHVDSODUร•Qร•Q Doร•OPDVร• YDGH VRQXQGD DQDSDUD LOH IDL] YH

EDQND VLJRUWD PXDPHOH YHUJLVL %609 ยถQLQ WDKVLO HGLOPHVLQH LOLรบNLQ

PDKVXS YH WDNLS LรบOHPOHULGLU 7&0%ยถQLQ WDUDI ROGXรทX \XUW LoL YHULOHQ GHSRODU %DQNDPร•]ร•Q \XUW LoL EDQNDODUGDQ YDGHOL RODUDN G|YL] GHSRVX DOPDVร• YDGH VRQXQGD DQDSDUD LOH IDL] YH %609ยถQLQ |GHQPHVLQH LOLรบNLQ PDKVXS YH WDNLS LรบOHPOHULGLU 7&0%ยถQLQ WDUDI ROPDGร•รทร• NDUรบร•ODรบDQ GHSR LรบOHPOHUL LVH %DQNDPร•] QH]GLQGHNL '|YL] YH (IHNWLI 3L\DVDODUร•ยถQGD YDGHOL RODUDN IRQ YHUPHN YH\D IRQ DOPDN LVWH\HQ WLFDUL EDQNDODUGDQ รบDUWODUร• X\JXQ RODQODUร•Q NDUรบร•ODรบWร•Uร•OPDVร• LรบOHPLGLU

รนHNLO  \XUW LoL DOร•QDQ YHULOHQ  GHSR LรบOHPOHULQL |]HWOHPHNWHGLU %X WยU LรบOHPOHUGH WDNLS |QHPOLGLU g]HOOLNOH GHSRODUร•Q X]DWร•OPDVร• GXUXPXQGD '|YL] YH (IHNWLI 3L\DVDODUร• 0ยGยUOยรทยยถQGHQ DOร•QDQ \D]ร• LOH ND\ร•WODUร•Pร•]GD WXWXODQ ELOJLOHULQ ELUELUOHUL\OH NRQWUROย \DSร•OGร•NWDQ VRQUD PXKDVHEHOHรบWLUPH LรบOHPL

\DSร•OPDOร•Gร•U

dยQNย

PXKDVHEHOHรบWLUPH

LรบOHPL

GH

PDQXHO

RODUDN

\DSร•OGร•รทร•QGDQKDWDODUร•QRUWD\Doร•NPDRODVร•Oร•รทร•GDKHU]DPDQPHYFXWWXU'LรทHU LรบOHPOHUGH ROGXรทX JLEL GHSR LรบOHPLQGH GH PXKDVHEHOHรบWLUPH\L \DSDQ YH GHSRODUร•Q WDNLELQL \DSDQ NLรบL D\Qร• ROPDNOD EHUDEHU % YH $ RQD\ODUร•Qร• YHUHQ IDUNOร•NLรบLOHUGLU

$UELWUDM YH DOWร•Q LรบOHPOHULQGH GH ROGXรทX JLEL GHSR LรบOHPOHULQGH GH LรบOHPLQ EDรบODWร•OGร•รทร• \HUGH PXKDVHEHOHรบWLULOPHVL YH NRQWURO DPDoOร• RODUDN .DPEL\R0XKDVHEHVL0ยGยUOยรทยยถQFHLQFHOHQPHVLJHUHNLU        



 


u m@[š@A9 ’ F [ z H <[r\KD[ } DA9 ;(D9^AT =k? : ? `¬H `A: 9 J,H ;9­H : H `AC H ;®<=>? ;? ; =: ? ;AJ =AL?

fq: ? ;A=;O<=>? ; ? ;,Z9 : 9; 9A@B =CD9F G 9 B H ; 9 H `A: 9 ;AJO9LAH¯@A9X;NJ =B =O@A9B H : JO9LAH

     

f&k? : ? ` H L 9







u 9 ^AT,H `: 9J,H ‰









Š$=^A=; ? ` H L 9

  

u  \ z  D W >)9 ;A: 9;JO9LAH





« > =G ? : JX? ` H L 9



Š"T; G B T: D9 ;KLT;B =OF =H > H kH ; uq’ f&w z ‰AC)=^A=; ? `OH kH ; u \ z DW >)9 ;: 9 ;AJO9LAH

   

“ =H >OH kH ; uq’ f&w z D W)> 9;: 9 ;H B [

   

fq: ? ;A=; ± @A9 B H : 9 ;²F =H >H ; R"w&\¡šLAH ;H ;,H : Z H : H a=;C)=AD=;,± <=²G = c LAH : H ± mAD9 ;JK9LAH ²$H kH ; u \ z DW >)9 ;: 9 ;AJO9LAH

 

  







Š"=<? G : =B ? ;|R{T;A=<?H : 9|C)T; G B T: W @A91H J> =: =;J =L?

    

Š"=<? G : =B ? ;f°T;A=<?H : 9|C)T; G B T: W @A91H J> =: =;J =L?

      

j [‡;WL c =: =B ? ;³R2l Y \D[ } ;9 Zm;D9B H : JO9LAH o [A;WL c =: =B ? ;ODTAL)<=: =;J =AL?

    ùHNLO<XUWLoL$OÕQDQ 9HULOHQ 'HSRODUøú$NÕúùHPDVÕ

  



 


 *LGHQ'|YL]+DYDOHOHUL 6|]NRQXVX KDYDOHOHU DERQPDQ \D\ร•Q LODQ GDQร•รบPDQOร•N YH EHQ]HUL WUDQVIHUOHUOH LOJLOL IDWXUD EHGHOOHUL LOH GRQDQร•P YH \D]ร•Oร•P ยUยQ EHGHOOHUL YH\D EXQODUD LOLรบNLQ NLUD YH EDNร•P ยFUHWOHUL LOH \XUW Gร•รบร• WHPVLOFLOLN J|UHYOLOHULQH |GHQHQ PDDรบ YH VDรทOร•N JLGHUOHUL LOH VWDMHUOHUH |GHQHQ PDDรบ VDรทOร•N VLJRUWDVร• YHHรทLWLPJLGHUOHULQLNDSVDUรนHNLOยถGHDERQPDQYH\D\ร•QEHGHOOHULQHLOLรบNLQ Lรบ DNร•รบ รบHPDVร• J|UยOPHNWHGLU 'LรทHU LรบOHPOHUGHQ IDUNOร• RODUDN EXUDGD \DSร•ODQ \XUW Gร•รบร•QD WUDQVIHU LรบOHPLGLU7UDQVIHULQ \DSร•ODELOPHVL LoLQ PXWODND LOJLOL *HQHO 0ยGยUOยNWHQDOร•QDQ\D]ร•YHWUDQVIHUHLOLรบNLQRQD\YHIDWXUDQร•QNRQWUROHGLOPHVL JHUHNLU0XWDEDNDWVDรทODQGร•NWDQVRQUDWUDQVIHULรบOHPL\DSร•Oร•U

.RQWURO

Doร•Vร•QGDQ

GLNNDW

HGLOPHVL

JHUHNHQ

KD]ร•UODQDQ

VZLIW

PHVDMร•QGD SDUDQร•Q WUDQVIHU HGLOHFHรทL EDQNDQร•Q YH SDUD PLNWDUร•Qร•Q GRรทUX RODUDN JLULOPHVLGLU %X ELOJLOHU YHUL JLULรบL \DSDQ HOHPDQ WDUDIร•QGDQ PDQXHO RODUDN KD]ร•UODQGร•รทร•QGDQ % YH $ RQD\ร•QGDQ JHoHUNHQ GLNNDWOL ELU รบHNLOGH NRQWURO HGLOPHOLGLU รธรบOHPOHUGH YDO|U WDULKL GH |QHP WDรบร•PDNWDGร•U '|YL] รธรบOHPOHUL 0ยGยUOยรทยยถQGHQ \DSร•ODFDN WUDQVIHU PLNWDUร• LoLQ DOร•QDFDN SURYL]\RQ WDULKL |]HOOLNOH WUDQVIHU HGLOHFHN SDUD PLNWDUร• Eย\ยNVH KHVDSODUร•Q HNVL EDNL\H\HGยรบPHPHVLDoร•Vร•QGDQ|QHPOLGLU

$\Uร•FD KD]ร•UODQDQ VZLIW PHVDMร•Qร•Q J|QGHULOPHN ย]HUH (OHNWURQLN gGHPHOHU

0ยGยUOยรทยยถQH

YHULOPHVL

\HULQH

LรบOHPLQ

EDรบODWร•OGร•รทร•

\HUGH

VRQODQGร•Uร•OPDVร• KHP LรบOHPLQ WDNLEL Doร•Vร•QGDQ KHP GH LรบOHPOHUGH Kร•]Oร• YH SUDWLN

ROXQPDVร•

Doร•Vร•QGDQ

NROD\Oร•N

VDรทOD\DFDNWร•U

%|\OH

ELU

X\JXODPD

EDรบODWร•OGร•รทร•QGD LVH VZLIW PHVDMร•Qร• \D]DQ GRรทUXOD\DQ YH RQD\OD\DQ NLรบLOHULQ D\Uร• NLรบLOHU ROPDVร•QD GLNNDW HGLOPHOLGLU รธรบOHPH LOLรบNLQ \HWNLOHU GH EX GRรทUXOWXGD YHULOPHOLGLU 



 




































Y : 9AG H `AH Js8K; [ \KD[ } D9 ;ƒG B =;L)F 9 B G =: 9^KF TB J,N;NA; =: ? ;JO=AL?

   

fq: ? ;A=;hF TB J,NA;žZA9 : 9 ;U9A@B =C DA9AF G 9 B H ; 9tH `A: 9 ;AJO9LAH7@A9E;NJO=B = @A9B H : JO9LAH

    

“ =G NB =U@A9´Š"TJ,H G 9´Š"=B =B ? ;A= H : H `AC H ;µZ9B 9 C : H¶H ;A_)9 : 9JO9 ; H ; <=^? : J =AL?

  











































































































z H <=AL=: =B 8K; [A\KD[ } D9;  =: ? ;J =L?  ^AB T@H >I<T;O









x$B =;L)F 9 B 91H : H `AC H ;OLI·H F GJO9AL=Iˆ ? ; ? ; D W >)9 ;A: 9;JO9LAH

  

u W >)9 ;: 9 ; 9 ;,JO9AL=Iˆ ? ; ’ : 9 C¯G B T;H C ¸  D 9 JK9 : 9 B"\O  WD[ } ;9O@A9 B H : JK9LAH 







  

¡&=: mB G =B H c H ;DA9 D W)> 9;: 9 ;JK9LAH

 

uq’ f&w z

  







 





Š"=<? G : =B ? ;RVT;A= <?1H : 9C)T; G B T: W%@9 H J>=: =;J =L? 

z H C WB : 9B H ; j [ º WL c =: =B ? ;? ; R2[ l[ Y [A\KD[ } ;9 @A9B H : JO9LAH ‰ o [A;WL c =: =B ? ; ? ; L=C : =;J =L?

  

Š"=<? G : =B ? ;%f¹T;A= <?1H : 9C)T; G B T: W%@9 H J>=: =;J =L?  

















w·H F GiJO9AL=Iˆ ? ; ? ;aH B~F TG TC)T^H LAH ;H ; Y : 9AG H `AH J]8K; [\D[ } ;9 Zm;DA9 B H : JO9LAH



ùHNLO$ERQPDQYH<D\ÕQ%HGHOOHULøú$NÕúùHPDVÕ 

 


(NVWUHYH+HVDS$oร•NODUร•Qร•Q7DNLEL (NVWUH YH KHVDS Doร•NODUร•Qร•Q WDNLEL PXKDELU HNVWUH ND\ร•WODUร• LOH KHVDS ND\ร•WODUร•Pร•]

DUDVร•QGD

oDOร•รบPDODUGร•U

ROXรบDQ

.DPEL\R

IDUNOร•Oร•NODUร•Q

0XKDVHEHVL

JLGHULOPHVL

0ยGยUOยรทยยถQGH

DPDFร•\OD KHVDS

\DSร•ODQ

YH

HNVWUH

ND\ร•WODUร•Qร•Q WDNLEL &2521$ DGร• YHULOHQ ELU SDNHW SURJUDP DUDFร•Oร•รทร• LOH \DSร•OPDNWDGร•U

*ยQ

PXKDVHEHOHรบWLULOHQ

WยP

LoLQGH

.DPEL\R

LรบOHPOHU

YH

0XKDVHEHVL

PXKDELUOHUGHQ

0ยGยUOยรทยยถQFH

DOร•QDQ

HNVWUHOHUGHNL

NDOHPOHU ELU KDYX]GD WRSODQDUDN ND\ร•WODUร•Q KHVDS YH HNVWUH ED]ร•QGD ELUHELU HรบOHQPHVLVDรทODQPDNWDGร•U

*ยQ LoLQGH PXKDVHEHOHรบWLULOHQ IDNDW IDUNHGLOPH\LS \DQOร•รบ ELU KHVDED JLUHQ ELU ND\ร•W &2521$ VLVWHPL DUDFร•Oร•รทร•\OD KHVDS YH HNVWUHOHULQ WDNLEL Vร•UDVร•QGDRUWD\Doร•NPDNWDGร•U0XKDVHEHND\Gร•QGDKDWDROXรบPDVร•WDUDIร•Pร•]FD ILรบ NHVLOHUHN JLGHULOPHNWH\NHQ HNVWUH ND\Gร•QGD ELU KDWD ROXรบPDVร• PXKDELU EDQND LOH \D]ร•รบPD YH\D J|UยรบPH\L JHUHNWLUPHNWHGLU %|\OH ELU GXUXP ED]HQ oRNX]XQ\D]ร•รบPDODUD\RODoDELOPHNWHGLU

.XOODQร•ODQ &2521$ SDNHW SURJUDPร•Qร•Q \HQL YHUVL\RQODUร• รบX DQ NXOODQร•OPDNWD RODQ |]HOOLNOHUL Gร•รบร•QGD PXWDEDNDW LรบOHPOHULQLQ  GDKD GD HWNLQ \ยUยWยOPHVL Doร•Vร•QGDQ \HQLOLNOHU VDรทODPDNWDGร•U 'ROD\ร•Vร•\OD \HQL SURJUDPODUร•Q WHPLQ

HGLOPHVL

PDQXHO

RODUDN

\DSร•ODQ

ED]ร•

PXWDEDNDW

LรบOHPOHULQGH

RWRPDV\RQX VDรทOD\DFDรทร• JLEL KDWD SD\ร•Qร• GD D]DOWDUDN LรบOHPOHUGH ]DPDQ ND\Eร•ROPDNVร•]ร•QYHULPOLOLรทLDUWร•UDFDNWร•U  





















\ON c =AL)9 a91C)= < D? ;D= c =G = @=B L=ย‰  

ย–qยปOยผ2ยป ยบ f ^B TAZB =J1? ; ? ; k =: ? `)G ? B ? : =B =C c 9L=^ย@A9ยฆ9 CILIG B 9 C)=<? G : =B ?)F =B CA? ;? ;KG 9LAaAH G H

ย“ =B CA? : ? : ? ย=ยฆ;9D9;gT: =; C)=< D? ; C)T;NLAN;AN; L=^ G =;AJ =AL?

ย“ H `OCI9L 9 B 9C7D W >)9 : G JK9 C

\ N c =aH B DA9 ; C)=<A;A=C : =;? <TB L= ย‰

\ON c =aAH B : 9 <=>? `AJO=C@A9A<= G 9: 9AF T;,H : 9 ZmB W `AJO9 C



ย“ =B C : ? : ? C : =B ? ;vZH DA9 B H : JO9ALAHv@A9 C)=<? G : =B ? ;,C)=^A=G ? : JO=AL?



 

รนHNLO+HVDSYH(NVWUH$oร•NODUร•Qร•Q7DNLELรธรบ$Nร•รบรนHPDVร• 

 




 *HOHQ+DYDOHรธรบOHPOHUL

*HOHQ KDYDOH LรบOHPOHUL \XUW Gร•รบร•QGDQ JHOHQ PDDรบ VLJRUWD SULP LDGHOHUL DVNHUOLN EHGHOOHUL รบDKร•V KDYDOHOHUL LOH %DQNDPร•] QH]GLQGHNL 6ยSHU '|YL] +HVDEร• .UHGL 0HNWXSOX '|YL] 7HYGLDW+HVDEร• *HQHOYH.DWPD%ยWoHOL .XUXOXรบODU YH HOoLOLNOHULQ KHVDSODUร•QD JHOHQ KDYDOHOHUL NDSVDPDNWDGร•U รนHNLO ยถGD GD |]HWOHQGLรทL JLEL KDYDOHOHULQ PDKL\HWLQH J|UH IDUNOร• รบHNLOOHUGH LรบOHPOHU

\DSร•OPDNWDGร•U

PXKDELUOHULPL]

%X

DUDFร•Oร•รทร•\OD

LรบOHPOHU WLFDUL

KHP

VZLIW

EDQNDODUD

VLVWHPL

SDUD

NXOODQร•ODUDN

WUDQVIHUL

YH\D

PXKDELUOHULPL]OH LรบOHPOHUH LOLรบNLQ \DSร•ODQ \D]ร•รบPDODUร• KHP GH รบXEHOHUOH RQOLQH RODUDNJHUoHNOHรบWLULOHQPXKDVHEHLรบOHPOHULQLLoHUPHNWHGLU

6:,)7 VLVWHPL DUDFร•Oร•รทร•\OD PXKDELU EDQNDODUD YH\D WLFDUL EDQNDODUD \DSร•ODQ

SDUD

WUDQVIHUL

LรบOHPOHULQGH

OHKGDU

YH

SDUD

PLNWDUร•

DODQODUร•

GHรทLรบWLULOHPH] ROXS  YHUL JLULรบL \DSDQ NLรบL WDUDIร•QGDQ VDGHFH WLFDUL EDQND YH PXKDELU EDQND NRGX YH YDO|U WDULKL JLULOPHNWHGLU 7DP DQODPร•\OD RWRPDV\RQ VDรทODQDPDVD GD RODVร• KDWDODUร• YH RUWD\D oร•NDELOHFHN ULVNOHUL PLQLPL]H HWPHN Doร•Vร•QGDQ NRQWURO HGLOHFHN XQVXUODUร•Q VD\ร•Vร•Qร•Q D]Oร•รทร• LรบOHPOHULQ GDKD HWNLQ \ยUยWยOPHVLQL VDรทODPDNWDGร•U %XQXQOD ELUOLNWH PDQXHO JLULรบ \DSร•ODQ DODQODU ROGXรทX VยUHFH KDWD RODVร•Oร•รทร• GD KHU ]DPDQ PHYFXWWXU 'ROD\ร•Vร•\OD |]HOOLNOH Eย\ยN PHEODรทOร• SDUD WUDQVIHUL LรบOHPOHULQLQ \RรทXQ ROGXรทX EX WยU IDDOL\HWOHUGH WDPRWRPDV\RQDJHoLOPHVLJHUHNOLGLU

รนXEHOHUOH RQOLQH RODUDN JHUoHNOHรบWLULOHQ PXKDVHEH LรบOHPOHULQGH LVH \LQH LOJLOL รบXEH\H \|QOHQGLULOPHN LVWHQLOHQ KDYDOH PDQXHO RODUDN YHUL JLULรบL \DSDQ NLรบL WDUDIร•QGDQ JLULOGLรทLQGHQ KHU QH NDGDU % YH $ RQD\ODUร•QGDQ JHoWLNWHQ VRQUD LOJLOL รบXEH\H LOHWLOL\RU ROVD GD KDWD RODVร•Oร•รทร• WDรบร•PDNWDGร•U %|\OH ELU GXUXP RUWD\D oร•NWร•รทร•QGD LOJLOL KDYDOH J|QGHULOPHN  LVWHQHQ รบXEH\H \|QOHQGLULOHUHN o|]ยOVH GH ]DPDQ ND\Eร• YH WDNLS Doร•Vร•QGDQ ]RUOXNODUoร•NDELOLU %X

QHGHQOH

รบXEHOHUOH

\DSร•ODQ

RQOLQH

LรบOHPOHUGH

GH

WDP

RWRPDV\RQD

JHoLOPHVL YH ULVNL YH\D KDWD\ร• D]DOWDFDN รบHNLOGH Gย]HQOHPHOHU \DSร•OPDVร• ID\GDOร•RODFDNWร•U 

 




w·H F G LAH L)G 9 J H ;91a=A : ?–7¾ –qw <= >? _? L? ;D=; =: ? ;A=;O9 CIL)G B 9‰mD9 JO9 9J,B H¯@A9XJO9L=¯ˆ : =B ? ;OD=A? : ? JX?

  













’ CIL)G B 9 ¿1mD9 JO9 9 J,B H J,N G =aA=C)=G ? ; ? ; L= : =;JO=AL?

  

\ N c =aH B : 9 B DA9 ; `= c ? L@A9<= C NB NJ]=AD? ;= Z9 : 9 ;  c =@=: 9 : 9B 









¸ D 9JO9,9J,B H ;DA9 C H aH : Z H : 9 BD TA B N: G NLAN; D= 



 

¢2Na9: 9B H J,H > _)9 x"H _ =B HR"=;AC)=: =B = Š \ u $ 5 x l0@A9Xw u lš=k? : JO=CKW >)9 B 9 Y `kH u m @[879 ;[\KD[ } ;9,Zm;D9 B H : 9_)9 C mADA9 ;JO9CKW >)9 B 9½mAD9 ;JK9 CKW >)9B 9 Z9: 9 ;: 9 B J,N c =aH B H J H > \9 B CI9> c =@=: 9 : 9 B R$; [ ZA9 : 9 ; c =@=: 9 : 9 B

u m @H > Y `A: 9 J : 9 B H \KD[ } D9 ; ^B T @H >I<T; =: ? ;JO=AL?

w"·H F G LAH L)G 9J,H H : 9 x"H _[R$; [ \x j)ÀÁ J N c =aAH B aA=;C)=: =B =1\7x oÀAo D W >)9 ;: 9 ;AJO9LAH

l =@=: 9 2 =J H B H ;A_)9 C)=B `? : =;A=A_ =CIL=

\7x j  j DW >)9 ;: 9 ;JK9LAH



Y `kH u m@[8K;[\KD D9 ; J =; < 9G H CKC)=AL 9AG H ; =: ? ;J =L?



¢ NAa9A< 9XT;: H ;9 & Zm;DA9 B H : JO9ALAH

R$N;D9LaA=;C)} G =;O=: ? ;A=; 9 JO9C : HIDN:¯< 9AG H J]=<A: ? C : =B ?

¸ D 9 JO9 9 J,B H ;D9 a9 : H B G H : 9 ; J =ALAB =F

Š$=AL 9G H ;OLAH L)G 9 JK9 =C¯G =B ? : J =CKW >)9B 9R$H : Z H Y `A: 9 JO9OG 9LA: H J,H

z H C WAB D W)> 9;: 9 ;JK9LAH 879 B 9 C : H C)TD : =J =: =B <=^ ? : =B =C¢2Na9 @9 x$H _ =B H a=;C)=,aA=>? ;D= =<AB ? `)G ? B J =K<=^ ? : J =L? »KB ˆ H ;A=:)mADA9 JO9 9J,H B : 9 B H ;AH ;K<=>? 9C H ;D9 Y `k H u m @[8K; [ \D1;9 Zm;DA9 B H : JO9LAH

yAH L)G 9 : 9 B H ; C)T; G B T: W

Y `A: 9 J c =_J,H ;H ;<TA N; T: D N N aA=;C)=: =B = D H LCI9AG c =>? B : =;AJ =AL? y 9 c D=B G =B =F ? ; D=; C)=B `? : =;A=A_ =CIL=

P = >? 9 C)H ; D9 ¢2Na9<9 aH : D H B H : JK9LAH

l2=@=: 9: 9B H ;KG T^: =J~G N G =B ? H kH ;,^B T@H >I<T; =: ? ;J =L?)@A9 \x oÀAo ‰A\x j)ÀÁ D W >)9;: 9 ;9 B 9 CKH : Z H : H aA=;AC)=: =B =KG B =; L)F 9 B H

x"B =; L)F 9 B : 9 BH kH ;KG H _ =B H aA=;C)=: =B = <= >?I<=>? : J =AL? ‰ `ANa9: 9 B 9 Zm;D9 B H : 9_)9 C c = @=: 9 : 9 BH kH ;,^H C WB DW >)9 ;: 9 ;JK9LAH



ùHNLO*HOHQ+DYDOHøúOHPOHULøú$NÕúùHPDVÕ 

 


0HQNXO.ร•\PHWรธรบOHPOHUL 0HQNXO Nร•\PHW LรบOHPOHUL PHQNXO Nร•\PHW DOร•Pร• YH VDWร•Pร• PHQNXO Nร•\PHW PXKDID]D ยFUHWL YH PHQNXO Nร•\PHW GHรทHUOHPH LรบOHPOHULQGHQ ROXรบXU 0HQNXO Nร•\PHW DOร•Pร• G|YL] UH]HUYLPL]LQ DWร•O NDOPDVร•Qร• |QOHPHN YH\D OLNLW GHรทHU EXOXQGXUPDN DPDFร•\OD \XUW Gร•รบร• SL\DVDODUGDQ GHรทHUOL NDรทร•W DOร•QPDVร• PHQNXO Nร•\PHW VDWร•Pร• G|YL] UH]HUYLPL]LQ DWร•O NDOPDVร•Qร• |QOHPHN DPDFร•\OD \XUW Gร•รบร• SL\DVDODUGDQ DOร•QDQ GHรทHUOL NDรทร•Gร•Q VDWร•Pร• YH PHQNXO Nร•\PHW PXKDID]D ยFUHWL LVH DOร•QDQ \DEDQFร• PHQNXO Nร•\PHWOHULQ \XUW Gร•รบร•QGDNL ELU NXUXOXรบ QH]GLQGH VDNODQPDVร• QHGHQL\OH LOJLOL NXUXOXรบD |GHQHQ PXKDID]D ยFUHWLGLU

รนHNLO

ยถGH

PHQNXO

Nร•\PHW

VDWร•Pร•QD

LOLรบNLQ

Lรบ

DNร•รบ

รบHPDVร•

J|UยOPHNWHGLU รธรบOHPLQ EDรบODQJร•o QRNWDVร• '|YL] รธรบOHPOHUL 0ยGยUOยรทยยถQGHQ DOร•QDQ \D]ร•Gร•U %X LรบOHPGH GH ROXรบDQ NkU YH\D ]DUDU KHVDSODPDVร• PDQXHO RODUDN \DSร•Oร•S VLVWHPH JLULOPHNWHGLU 'ROD\ร•Vร•\OD NkU YH\D ]DUDU WXWDUร•QGD ROXรบDELOHFHN KDWD PXKDVHEH ND\ร•WODUร•QD GD \DQVร•\DFDNWร•U $\Uร•FD PHQNXO Nร•\PHWLQ

YDGHVLQGHQ

|QFH

YH\D

YDGHVLQGH

VDWร•OPD

GXUXPXQD

J|UH

PXKDVHEHOHรบWLUPHLรบOHPLGHIDUNOร•Oร•NJ|VWHUPHNWHGLUNLEXGDLรบOHPLQYHULJLULรบL \DSDQNLรบLGHQVRQUD%YH$RQD\ร•QGDGLNNDWOLNRQWUROยQยJHUHNWLULU

0HQNXO Nร•\PHW LรบOHPOHULQGH GH LรบOHPLQ EDรบODQJร•o QRNWDVร• '|YL] รธรบOHPOHUL 0ยGยUOยรทยยถQGHQ DOร•QDQ \D]ร• ROGXรทXQGDQ \D]ร•Qร•Q JHFLNPHVL YH\D R DQ

LoLQ

XQXWXOPDVร•

GXUXPXQGD

PXKDVHEH

ND\Gร•

JHFLNPHOL

RODUDN

\DSร•ODFDNWร•U %DรบODQJร•o QRNWDVร• .DPEL\R 0XKDVHEHVL 0ยGยUOยรทย ROPD\DQ EX WยU LรบOHPOHUGH PXKDVHEHOHรบWLUPHQLQ LรบOHPLQ EDรบODGร•รทร• E|OยPGH \DSร•OPDVร• YH GDKD VRQUD

NRQWURO YH PXWDEDNDW

0ยGยUOยรทยยถQH

J|QGHULOPHVL

DPDoOร• RODUDN .DPEL\R 0XKDVHEHVL

LรบOHULQ

VDรทOD\DFDNWร•U









 

GDKD

HWNLQ

\ยUยWยOPHVLQH

NDWNร•


  











z H <=AL=: =B58K; [\KD[ } D9 ;vJO9 ;AC N:AD9A9 B L=G ? : D? ? ;= D=H B<=>?=: ? ;AJ =AL? 

















































fq: ? ;A=;r<=>? ; ? ;›Z9 : 9 ;r9A@B =C{D9AF G 9B H ;9 H `A: 9 ;AJO9LAH¯@A9X;NJ =B =O@A9B H : JO9LAH























w2= G ? ` a9AD9 : H¯¿,fq: ? ` a9AD[ • À @A9<= º TJ,H ;A=:¯G N G =B¿,fq: ? ` a9D[ • À

 









w5=G ? ` a9AD9 : H¯¿,fq: ? ` a 9D[ ” À

\ 9 ;C NA:ID99B H ; K @=AD9LAH ;DA9 ; m;_)9 L=G ? : J =L?)@A9A<= @=AD9DA9,L=G ? : JO=AL? D NB NAJ,N;D=‰

 



















@A9<= º TJ H ;A=:¯G N G =B Ãfq: ? ` a 9D[ ” À











»K: N`=;,C)=B = H : H `AC H ; uq’ fqw z D W)> 9;: 9 ;JK9LAH

»K: N`=;> =B =B =XH : H `AC H ; uq’ f&w z D W >)9 ;A: 9 ;JO9ALAH

  





















Š$N^AT;F =H >K=: ? `? ;A= H : H `AC H ; uq’ fqw z @A9 u \ z D W)>)9 ;: 9 ;JK9LAH

  





Š"=<? G : =B ? ;0RT;A= <?H : 90C)T; G B T: W @A9XH JK> =: =;JO=AL?

   

  

Š =<? G : =B ? ;1f~T;A= <?H : 90 "  C)T; G B T: W @A9XH JK> =: =;JO=AL?

z H C WB : 9B H ; j [;WL c =: =B ? ; ? ; R2[ l [ Y [A\KD[ }; 9 @A9 B H : JK9LAH o [A;WL c =: =B ? ;? ;ODTAL)<=: =;J =L? 



    

ùHNLO0HQNXO.Õ\PHWøúOHPOHULøú$NÕúùHPDVÕ      

 




 6WDQGE\$QODรบPDVร•*HUHรทLQFH,0)ยถGHQ<DSร•ODQdHNLรบOHU

6WDQGE\ DQODรบPDVร• JHUHรทLQFH ,0)ยถGHQ \DSร•ODQ oHNLรบOHU ,0)ยถGHQ +D]LQHยถFH VDรทODQDQ NUHGLOHULQ 7ยUN OLUDVร• NDUรบร•Oร•รทร•Qร•Q ,0)ยถLQ  0HUNH] %DQNDVร• $QNDUD รนXEHVL QH]GLQGHNL  QROX KHVDEร•QD DODFDN ND\GHGLOPHVL YH ROXรบDQ PDVUDIYHIDL]OHULQPDKVXEXLOHNUHGLOHULQJHUL|GHPHLรบOHPOHULQLLoHUPHNWHGLU

รนHNLO

ยถGHNL

Lรบ

DNร•รบ

รบHPDVร•

6WDQGE\

DQODรบPDVร•

JHUHรทLQFH

+D]LQHQLQ G|YL] RODUDN ,0)ยถGHQ GRรทUXGDQ ERUoODQPDVร•Qร• J|VWHUPHNWHGLU %X LรบOHPLQ PXKDVHEHOHรบWLULOPHVL 'ร•รบ รธOLรบNLOHU *HQHO 0ยGยUOยรทยยถQGHQ LรบOHPH LOLรบNLQ

\D]ร•Qร•Q

DOร•QPDVร•

YH

\D]ร•GDNL

PHEODรท

LOH

HNVWUH

ND\ร•WODUร•Qร•Q

PXWDEDNDWร•Qร•Q \DSร•OPDVร•\OD  EDรบODWร•OPDNWDGร•U %X LรบOHPGH GH GDKD |QFH EHOLUWLOGLรทL JLEL LรบOHPH LOLรบNLQ \D]ร•Qร•Q JHOPHPHVL YH\D JHFLNPHVL LรบOHPLQ DNVDPDVร•QD QHGHQ RODELOLU %X QHGHQOH E|OยPOHU DUDVร• RODVร• NRRUGLQDV\RQ NRSXNOXNODUร•Qร• JLGHUPHN DPDFร•\OD LรบOHPLQ \D ND\QDรทร•QGD PXKDVHEHOHรบPHVL \D GD .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQGH  PXKDVHEHOHรบPHN ย]HUH LOJLOL ELULPWDUDIร•QGDQHNUDQGDQRQOLQHRODUDNND\Gร•QJ|QGHULOPHVLVDรทODQDELOLU

$\Uร•FD LรบOHPH DLW ND\Gร•Q รบXEH\H RQOLQH RODUDN J|QGHULOPHVL YHUL JLULรบL \DSDQNLรบLWDUDIร•QGDQPDQXHORODUDN\DSร•OGร•รทร•QGDQKHUQHNDGDU%YH$RQD\ร• RODUDN รบXEH\H LOHWLOL\RU ROVD GD  PXKDVHEH ND\Gร•QGDNL  YDO|U  PHEODรท YH PXKDELU NRGXQGD RUWD\D oร•NDELOHFHN RODVร• KDWDODU LรบOHPLQ Gย]HOWLOLS WHNUDU GRรทUX รบHNLOGH J|QGHULOPHVL VยUHFLQGHQ JHoHFHรทLQGHQ JHFLNPH\H VHEHS RODELOLU %X NRQXGD GD WDP RWRPDV\RQD JHoLOGLรทLQGH EX WยU ULVNOHU RUWDGDQ NDONDFDNWร•U

.DPEL\R

0XKDVHEHVL

0ยGยUOยรทยยถQGH

JHUoHNOHรบWLULOHQ

EHOOL

EDรบOร•

LรบOHPOHULoNRQWURODoร•Vร•QGDQLQFHOHQGLNWHQVRQUDEXLรบOHPOHULQWDรบร•Gร•รทร•ULVNOHU ULVN|OoยPPHWRGRORMLOHULNDSVDPร•QGDGHรทHUOHQGLULOHFHNWLU





 

 




 

¾ \ “ H : 9O<=^ ? : =;KZmB W`AJO9 : 9B 9 H LIG H ;A=AD9 ;,l2=>H ;9} D9; =: ? ;A=; <=>?    

u ? ` Y : H `AC H : 9 B 879 ; [\D[ } D9 ; <=^ ? : =A_ =CKH `A: 9 JO9XH : H `AC)H ;<=>? ; ? ; =: ? ;JO=AL?   

879: 9 ;K<=>? ;? ;O9A@B =C7D9F G 9 B H ; 9 C)= < D9D H : H ^,;ANJ =B =O@A9 B H : JK9LAH

     

w"Ä°¾ “ xvLAH L)G 9 J H ;91aA= : ?–7¾ –qw <= >? _? L? ;D=;,H : Z H : H H `A: 9 JO9,=H G 9CIL)G B 9 @9A<=,mADA9 JO9 9 J,B H ;AH ; =: ? ;J =AL?       

»  ;: H ;9,T: =B =Cf;AC)=B =,¢2Na 9LAH } ;9 K Zm; D9 B H : JO9CKW >)9 B 9 J,N c =AL 9 a9: 9A`)G H B H : JO9LH  

j [ ;W L c = R$H : =;Ak T1l59L[ Y >: [\KD[ Zm; D9 B H : H B [

   

P =B =G ? : =;,C)=< D? ;XR+T;A= <?AH : 9 C)T; G B T: WK@A9XH JK> =: =;JO=AL?  

o A[ ;AWL c = DTAL)<=: =; ? B

 



    

P =B =G ? : =;,C)=< D? ;~f T;A= <?AH : 9 C)T; G B T: WK@A9XH JK> =: =;JO=AL?)@A9 ¢2Na9A< 9 Zm;D9B H : JO9LAH



 

ùHNLO6WDQGE\$QODúPDVÕ*HUH÷LQFH,0)¶GHQ<DSÕODQdHNLúOHU +D]LQH¶QLQ,0)¶GHQ'R÷UXGDQ%RUoODQPDVÕQD '|YL] øOLúNLQ,ú$NÕúùHPDVÕ  

 




.DPEL\R0XKDVHEHVL8\JXODPDODUร•QGD5LVNgOoยPย gQFHNL E|OยPGH .DPEL\R 0XKDVHEHVL LรบOHPOHULQGHQ DOWร•Q DUELWUDM 7ยUN OLUDVร• NDUรบร•Oร•รทร• G|YL] DOร•รบ YH VDWร•รบODUร• GHSR LรบOHPOHUL JLGHQ G|YL] KDYDOHOHUL HNVWUH YH KHVDS Doร•NODUร•Qร•Q WDNLEL JHOHQ KDYDOH LรบOHPOHUL PHQNXO Nร•\PHWLรบOHPOHULYHVWDQGE\DQODรบPDVร•JHUHรทLQFH,0)ยตGHQ\DSร•ODQoHNLรบOHULo NRQWURO Doร•Vร•QGDQ LQFHOHQPLรบWLU 'DKD |QFH GH EHOLUWLOGLรทL JLEL Lo NRQWURO VLVWHPOHULQGH WHPHO DPDo ULVNOHULQ PLQLPL]H HGLOHUHN LรบOHPOHULQ HWNLOL YH HWNLQ ELU รบHNLOGH JHUoHNOHรบWLULOPHVLQL VDรทODPDNWร•U %XQXQ LoLQ |QFHOLNOH ULVNOHULQ EHOLUOHQPHVL รบDUWWร•U %X E|OยPGH LQFHOHQPLรบ RODQ .DPEL\R 0XKDVHEHVL LรบOHPOHULQLQ WDรบร•Gร•รทร• ULVNOHU HOH DOร•QDFDN YH EHOLUOHQHQ ULVNOHU GRรทUXOWXVXQGD ULVN|OoยPย\DSร•ODFDNWร•U

.DPEL\R PXKDVHEHVL LรบOHPOHULQGH ULVN GHรทHUOHPHVL \DSร•Oร•UNHQ WDEOR ยถGH GH J|UยOGยรทย JLEL \HGL ULVNH \HU YHULOPLรบWLU %X ULVNOHU |QFHNL E|OยPOHUGH

LQFHOHQHQ

ULVNOHULQ

ND\QDรทร•

YH

\DUDWWร•NODUร•

HWNL\H

J|UH

Vร•Qร•IODQGร•Uร•OPDVร• YH $OPDQ 0HUNH] %DQNDVร• ULVN |OoยPย X\JXODPDODUร•QGD GHรทHUOHQGLUPH\H DOร•QDQ ULVN oHรบLWOHULQL NDSVDPDNWDGร•U $\Uร•FD LQFHOHQHQ ELULPLQ \DSร•Vร• LรบOHPOHULQ |QHPL YH GLรทHU PHUNH] EDQNDVร• X\JXODPDODUร•QGDNL |UQHNOHU

GH

SXDQODPDVร•

GLNNDWH

DOร•QPร•รบWร•U

EHOLUOHQLUNHQ

%XUDGDNL

NDUDU

YHUPH

ULVN

Dรทร•UOร•N

DรบDPDVร•QGD

IDNW|UOHUL

SHN

oRN

YH

ULVN

VHoHQHN

DUDVร•QGDQ VHoLP \DSDUDN |QFHOLNOHUL EHOLUOHPH\H \DUGร•PFร• ELU \DNODรบร•P RODQ $QDOLWLN

+L\HUDUรบL

ID\GDODQร•OPร•รบWร•U

<DNODรบร•Pร•ยถQGDQ

7KRPDV

DQG

$QDO\WLF

9DUJDV

+LHUDUFK\

 

%X

3URFHVV

\DNODรบร•POD

$+3 

.DPEL\R

0XKDVHEHVL 0ยGยUOยรทย EยQ\HVLQGH oDOร•รบDQ IDUNOร• ยQYDQ JUXSODUร•QGDQNLรบLOHULQ VRUXPOX

ROGXNODUร•

LรบOHUH

LOLรบNLQ

ULVN

GHUHFHOHQGLUPHOHUL

GLNNDWH

DOร•QDUDN

ยณ(LJHQYHFWRU \|QWHPLยด NXOODQร•ODUDN EX VLVWHP LoLQ WDVDUODQPร•รบ ยณ0DSOH ยณ SURJUDPร• oDOร•รบWร•Uร•ODUDN ULVNOHULQ LรบOHPOHUHJ|UH\ย]GHOLNGDรทร•Oร•Pร•EHOLUOHQPLรบWLU 7DEOR  .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQGH LQFHOHQHQ GRNX] LรบOHPLQ |QHP

GHUHFHVL

YH

EHOLUWLOHQ

ULVNOHU

Doร•Vร•QGDQ

\ย]GHOLN

GDรทร•Oร•Pร•Qร•

J|VWHUPHNWHGLU (N ยถGH oDOร•รบWร•Uร•ODQ SURJUDPร•Q VRQXoODUร• \HU DOPDNWDGร•U (OGH HGLOHQVRQXoODUKHUELULรบOHPLoLQKHVDSODQDQULVN\ย]GHOHULQLJ|VWHUPHNWHGLU



 


7DEOR.$0%ø<208+$6(%(6øøù/(0/(5ø1ø1)$$/ø<(7%$=,1'$5ø6. '$ö,/,0,

Å ÆÇ È ÉvÇ ÈÊ

Å ÆÇ È ÉvÇ ÈÊÌË Í Î Í ÈÉ+Ë Ï “ H ;=;L=:)B H LAC »K^9 B =AL)<T;9: B H LAC



Ð Ë ÑÒOÓ&ÈAÆË ÔÕÇ ÈÊÌËAÖ Ï× Ø ¾ ;L=; Š$NB =: : =B = C)=<A;=C : =B ? N <AJO=J = B H LAC H B H LAC H

¾ G H aA=B B H LAC H



fq: G ? ; fqB aH G B =Iˆ

Ü ‰ ÁjÝ

ÁÀ ‰ ÀÁÝ

Þ ‰ ß ÁÝ

o ß"‰ àà Ý

o ‰j ß Ý

oÞ ‰ ooÝ

ß"‰ ÂÂÝ

áÚ ÛÙ Ï

⠉À ß Ý

ÁAo ‰ Ü à Ý

ß"‰ ß o Ý

Áj ‰ ÁÁÝ

o ‰Ü ß Ý

j ⠉ j)oÝ

ß"‰  â Ý

ÙãÚ äå Ï

j ß"‰ Â ß Ý

o Ü ‰ ÂÂÝ

Á ‰o à Ý

Áj ‰ â ÀÝ

j ‰â Ü Ý

⠉ oj Ý

j Ü ‰ j)oÝ

æ Ú çè Ï

⠉ ÂjÝ

ß j ‰Ü ß Ý

Ü ‰ ÁAo Ý

j)Þ ‰ Á Ü Ý

o ‰ â ÁÝ

oj ‰ oÁÝ

ß"‰ ÂAoÝ

Úæ ä Ï

oo ‰ ÀAÞ Ý

à ‰Á Ü Ý o

j)o ‰ ÂjÝ

oj ‰ oÂÝ

o ‰ j ÀÝ

j À ‰ A ÞÝ

o ‰ ÁAoÝ

ÙÚ æ ç Ï

Þ ‰À Ü Ý

oo ‰ àß Ý

o ‰Þ â Ý

Á Ü ‰o Ü Ý

Ü ‰â Ü Ý

j À ‰Ü ß Ý

j)Þ ‰ ÂÀÝ

é ã æ ÚÙ Ï

oÀ ‰ j â Ý

jj ‰ Á à Ý

j)Þ ‰ à o Ý

Á Ü ‰ ß oÝ

j ‰Á à Ý

Ü ‰ ââ Ý

 ‰À â Ý

ãÚ äã Ï

Ü ‰ Þo Ý

j ⠉ oÂÝ

o ‰ ÀAÞ Ý

ß À ‰ ßß Ý

j ‰ ÞÂÝ

⠉ ÀAoÝ

o Ü ‰ à ÂÝ

é ÙáÚ á Ï

ÁÁ ‰ oÞ Ý

oo ‰ ÂAÞ Ý

Á ‰ ÂAo Ý

j  ‰ ß ÂÝ

o ‰ j)Þ Ý

Þ ‰ à ÀÝ

jj ‰ ß j Ý

8KH D9;ODm@H > c = @=: 9 : 9 B H é

879: 9; c =@A=: 9 ¾ \ “Xê D9 ; <=^? : =; k)9 C)H `A: 9B ’ CIL)G B 9O@A9 c 9AL=^KG =C H aH x$y C)=B L? : ? ? Dm @H >K=: ? `@A9 L=G ? `A: =B ?

Š"=B =B@A9 B JO9 =A`=J =AL? ; D= aAH : ZH B H LAC H

ÙÙÚ ÛÛ Ï

\9 ;C N: CA? <AJK9AG u 9 ^T

R5H : Z H G 9 C A; T: TIˆ H LAH B H LAC H

ë ¼&H LAC H ;K@A9XH `A: 9 J,: 9 B H ;Om;9 J H)=B G G ? C)k =‰)<AW)>)D9 : H C7D9A9 B : 9 B HID9X=B G ? `KZmL)G 9 B JK9 C¯G 9DH B [ øON RODUDN DOWÕQ LúOHPOHULQLQ WDúÕGÕ÷Õ RODVÕ ULVNOHU GH÷HUOHQGLULOHFHNWLU 7DEOR ¶GH GH J|UOG÷ JLEL DOWÕQ LúOHPOHUL RSHUDV\RQHO ULVN LQVDQ ULVNL YH

ELOJL

WHNQRORMLVL

WDúÕPDNWDGÕU ROXúWXUDQ

ULVNL

$\UÕFD

|QHPOL

ELU

DoÕVÕQGDQ

DOWÕQ

HQ

PHYFXGXQXQ

NDOHP

ROPDVÕ

\NVHN

G]H\GH

PHUNH]

QHGHQL\OH

ULVN

IDNW|U

EDQNDVÕ

ELODQoRVXQX

NDPEL\R

PXKDVHEHVL

PGUO÷QFH PXKDVHEHOHúWLULOHQ DOWÕQ LúOHPOHULQGH ND\ÕWODUGD YH GROD\ÕVÕ\OD UDSRUODUGD ROXúDELOHFHN KDWDODU ELOJLOHULQ KHP \|QHWLFLOHU KHP GH NXUXP GÕúÕQGDNL NLúLOHU WDUDIÕQGDQ DOÕQDFDN NDUDUODUGD NXOODQÕOPDODUÕ KDOLQGH \DQÕOPD ULVNLQLYHEDQNDDoÕVÕQGDQLWLEDUULVNLQLQRUWD\DoÕNPDVÕQD\RODoDELOLU

$UELWUDM LúOHPOHULQGH LVH \LQH HQ |QHPOL ULVNOHU RSHUDV\RQHO LQVDQ YH ELOJL

WHNQRORMLVL

ULVNOHULGLU

PXKDVHEHOHúWLUPHQLQ LúOHPOHUGH

YH

EX

PDQXHO

$UELWUDMD RODUDN

LúOHPOHUGHQ

LOLúNLQ

\DSÕOPDVÕ

GR÷DFDN

NkU

\DQVÕWÕOPDVÕQGDKDWDODUÕQROXúPDULVNLPHYFXWWXU

 

KHVDSODPDODUÕQ QHGHQL\OH

]DUDU

YH

V|]

NXU

YH

NRQXVX

IDUNODUÕQÕQ


0HQNXO

Nร•\PHW

LรบOHPOHUL

0HUNH]

%DQNDVร•Qร•Q

G|YL]

UH]HUYLQL

GHรทHUOHQGLUPHN DPDFร•\OD \XUW Gร•รบร•QGDQ GHรทHUOL NDรทร•W  DOร•QPDVร• YH\D VDWร•OPDVร• LรบOHPL ROXS DOร•QDQ YH VDWร•ODQ NDรทร•WODUร•Q YDGHOHULQLQ WDNLS HGLOPHVL NkU YH\D ]DUDUร•Q

KHVDSODQPDVร•

YH

LรบOHPOHULQ

GRรทUX

PXKDELUOHU

NDQDOร•\OD

PXKDVHEHOHรบWLULOPHVL Doร•Vร•QGDQ RSHUDV\RQHO YH LQVDQ ULVNL WDรบร•PDNWDGร•U 'LรทHU

LรบOHPOHUGH

ROGXรทX

JLEL

PHQNXO

Nร•\PHW

LรบOHPOHULQLQ

PXKDVHEHOHรบWLULOPHVLQGH GH WDP RWRPDV\RQ X\JXODQPDGร•รทร•QGDQ 0HUNH] %DQNDVร• ELODQoRVXQGD PHQNXO Nร•\PHW PHYFXGXPX]X J|VWHUHQ  NDOHPH \DQVร•\DFDN \DQOร•รบ ELU YHUL EX ELOJLOHUGHQ ID\GDODQDUDN NDUDU DODFDN RODQODUร• GD ROXPVX] HWNLOH\HFHNWLU %X HWNL 0HUNH] %DQNDVร•Qร•Q NDPX\D GX\XUGXรทX YH \D\ร•QODGร•รทร•  ILQDQVDO WDEORODUD GD \DQVร•\DFDรทร•QGDQ LWLEDUร•Qร•  GD ROXPVX] HWNLOH\HFHNWLU 'HSR EDQNDODU

LรบOHPOHUL

QH]GLQGHNL

LVH

PHUNH]

KHVDSODUร•Qร•Q

EDQNDVร•Qร•Q

\XUW

GHรทHUOHQGLULOPHVL

Gร•รบร•QGDNL

PXKDELU

Doร•Vร•QGDQ

|QHP

WDรบร•Gร•รทร•QGDQ PXKDELU EDQNDODU QH]GLQGHNL KHVDSODU LOH NDPEL\R PXKDVHEHVL PยGยUOยรทย

EยQ\HVLQGH

VDรทODQPDVร• RWRPDV\RQ

JHUHNLU

WDNLS

'HSR

ROPDGร•รทร•QGDQ

RSHUDV\RQHO

ULVNOHUH

\RO

HGLOHQ

GHSR

LรบOHPOHULQLQ ROXรบDELOHFHN

DoDELOHFHรทL

KHVDSODUร•Qร•Q

PXWDEDNDWร•Qร•Q

PXKDVHEHOHรบWLULOPHVLQGH KDWDODU

JLEL

LQVDQ

NXOODQร•ODQ

WDP

ND\QDNOร•

PXKDVHEH

YH

ELOLรบLP

VLVWHPLQLQ X\JXODPDODUGD \HWHUOL ROXS ROPDGร•รทร• NRQXVXQXQ GHรทHUOHQGLULOPHVL Doร•Vร•QGDQGDWHNQRORMLNULVNWDรบร•PDNWDGร•U *LGHQ G|YL] KDYDOHOHULQGH HQ Eย\ยN ULVNOHU ILQDQVDO RSHUDV\RQHO LQVDQ

YH

LWLEDU

ULVNOHULGLU

gGHPH

\DSร•OPDN

ย]HUH

KD]ร•UODQDQ

6:,)7

PHVDMODUร•Qร•Q  HOOH JLULOPHVL NRQWUROย JยoOHรบWLUPHNWHGLU 'ROD\ร•Vร•\OD \DSร•ODFDN |GHPHQLQPLNWDUร•QGDYH\DJ|QGHULOHFHNEDQNDKHVDEร•QGDGLNNDWWHQNDoDQELU XQVXUKDWDODUD\RODoDELOLU%XGXUXPEDQNDQร•QLWLEDUร•Qร•]HGHOH\HELOLU *HOHQKDYDOHLรบOHPOHULQGHรบDKร•VNXUXPYH\DNXUXOXรบODUDGร•QDJHOHQ KDYDOHOHU EDQNDODUD

LรบOHPLQ

PDKL\HWLQH

WUDQVIHU

HGLOGLรทL

J|UH

JLEL

6:,)7

PHUNH]

VLVWHPL

NDQDOร•\OD

EDQNDVร•Qร•Q

LOJLOL

LOJLOL

WLFDUL

รบXEHVLQH

GH

GHYUHGLOHELOPHNWH YH JHUHNWLรทLQGH LDGH HGLOPHNWHGLU 'ROD\ร•Vร•\OD EX WยU LรบOHPOHU NDUDU YHUPH DรบDPDVร•QGD ELOJL ULVNL WDรบร•PDNWDGร•U $\Uร•FD EX LรบOHPOHU GH WDP RWRPDV\RQ ROPDPDVร•QGDQ GROD\ร• RSHUDV\RQHO YH LQVDQ ULVNLQL GH WDรบร•PDNWDGร•U

 


6WDQG E\ DQODรบPDVร• JHUHรทLQFH ,0)ยถGHQ \DSร•ODQ oHNLรบOHUH LOLรบNLQ LรบOHPOHUGH LVH NUHGLQLQ EยWoH YH\D UH]HUY DPDoOร• RODUDN JHOLรบ DPDFร•QD J|UH PXKDVHEHOHรบWLUPH LรบOHPL IDUNOร•Oร•N J|VWHUPHNWH ROXS EX LรบOHPOHUGH GH WDP RWRPDV\RQ X\JXODQPDPDNWDGร•U %X QHGHQOH LรบOHPH LOLรบNLQ WXWDUร•Q \DQOร•รบ JLULOPHVL YH LOJLOL รบXEH\H \DQOร•รบ DNWDUร•OPDVร• EยWoH YH\D  UH]HUY DPDoOร• JHOLรบLQLQ

GLNNDWWHQ

NDoPDVร•

YH

\DQOร•รบ

PXKDELUH

JLULรบLQLQ

\DSร•ODUDN

PXKDVHEHOHรบWLULOPHVL |]HOOLNOH Eย\ยN PHEODรทOร• NUHGLOHU ROGXรทXQGDQ ILQDQVDO RSHUDV\RQHO YH LQVDQ ULVNL Doร•Vร•QGDQ |QHP WDรบร•PDNWDGร•U $\Uร•FD 0HUNH] %DQNDVร• ELODQoRVXQGD \HU DODQ ,0) NUHGLOHULQLQ EDQNDFD X\JXODQDFDN YH\D X\JXODQPDNWD RODQ SDUD SROLWLNDODUร•Qร•Q GHรทHUOHQGLULOPHVL YH NDUDU YHUPH DรบDPDVร•QGD

|QHPL

Eย\ยNWยU

'ROD\ร•Vร•\OD

KHU

]DPDQ

NDUDU

YHUPH

DรบDPDVร•QGD ELOJL ULVNLQL WDรบร•PDVร•Qร•Q \DQร•QGD 0HUNH] %DQNDVร•Qร•Q รบHIIDIOร•N SUHQVLEL oHUoHYHVLQGH ELOJLOHULQ NDPXR\XQD GRรทUX DNWDUร•OPDVร• Doร•Vร•QGDQ GD LWLEDUULVNLQLWDรบร•PDNWDGร•U (NVWUH YH KHVDS Doร•NODUร•Qร•Q WDNLEL PHUNH] EDQNDVร•Qร•Q \XUW Gร•รบร•QGDNL PXKDELU

EDQNDODU

QH]GLQGHNL

KHVDSODUร•

DUDFร•Oร•รทร•

LOH

JHUoHNOHรบWLUGLรทL

LรบOHPOHULQGH PXWDEDNDWร• VDรทODQDPD\DQ NDOHPOHULQ LQFHOHQPHVL YH o|]ยOPHVL Doร•Vร•QGDQ|QHPWDรบร•PDNWDGร•Ug]HOOLNOHPDKL\HWLEHOLUVL]RODQERUoND\ร•WODUร•Qร•Q DUDรบWร•UPDVร•Qร•Q  ]DPDQร•QGD \DSร•OPDPร•รบ ROPDVร• KHVDSODUร• HNVL EDNL\H\H GยรบยUHELOHFHรทLJLELGLNNDWVL]ELUรบHNLOGHPDQXHORODUDN\DQOร•รบNDSDWร•ODQKHVDS YH HNVWUH ND\ร•WODUร• Doร•N NDODQ NDOHPOHULQ \DQOร•รบ \RUXPODQPDVร•QD VHEHS RODELOLU $oร•NODQDQ EX IDNW|UOHU EX LรบOHPOHUGH RSHUDV\RQHO LQVDQ YH NDUDU YHUPH DรบDPDVร•QGD ELOJL ULVNLQLQ GLรทHU ULVN WยUOHULQH J|UH GDKD \ยNVHN Gย]H\GHROGXรทXQXJ|VWHUPHNWHGLU 7/  NDUรบร•Oร•รทร• G|YL] DOร•รบ YH VDWร•รบ LรบOHPOHUL LVH GRรทUXGDQ PHUNH] EDQNDVร• G|YL] UH]HUYOHULQL HWNLOH\HQ YH EXQD EDรทOร• RODUDN PHUNH] EDQNDVร• ELODQoRVXQD \DQVร•\DQ LรบOHPOHU ROGXรทXQGDQ YH SDUD SROLWLNDVร• NDUDUODUร•Qร•Q GHรทHUOHQGLULOPHVLQGH Eย\ยN |QHP WDรบร•Gร•NODUร•QGDQ ILQDQVDO RSHUDV\RQHO YH LQVDQ ULVNL Doร•Vร•QGDQ ELULQFLO GHUHFHGH |QHPOLGLUOHU $\Uร•FD LรบOHP KDFPL YH LรบOHP PLNWDUร• Doร•Vร•QGDQ GD GHรทHUOHQGLULOGLรทLQGH GLรทHU LรบOHPOHU DUDVร•QGD |QHP GHUHFHVLDoร•Vร•QGDQLONVร•UDGD\HUDOPDNWDGร•UODU

รธรบOHPOHULQ

KHU

ELUL

WDรบร•Gร•รทร•

ULVNOHU

Doร•Vร•QGDQ

D\Uร•

D\Uร•

GHรทHUOHQGLULOGLNWHQ VRQUD 7DEOR ยถWH LรบOHPOHULQ |QHP GHUHFHVL YH ULVN

 


\]GHOHUL oDUSÕODUDN NDPEL\R PXKDVHEHVL LoLQ |QFHOLNOL ULVNOHU HOGH HGLOPLúWLU 7DEOR ¶WHNL WRSODP VDWÕUÕQGD J|UOG÷ JLEL  RSHUDV\RQHO ULVN LQVDQ ND\QDNODUÕ ULVNL YH ILQDQVDO ULVN .DPEL\R 0XKDVHEHVL LoLQ ELULQFLO GHUHFHGH |QHPOLULVNOHURODUDNRUWD\DoÕNPÕúWÕU

7DEOR.$0%ø<208+$6(%(6øøù/(0/(5ø1ø1*(1(/5ø6.$ö,5/,. <h='(/(5ø

Y `A: 9 J : 9B

“ H ;A=; L=: B H LACì»K^9B =AL)<T; 9 : B H LAC

Y G H a=BB H LAC H

fq: G ? ; fqB aH G B =¯ˆ \K9 ;AC N: CA? <AJO9G u 9 ^AT 8KH D9 ;KDm@H > c =@=: 9 : 9 B H 879 : 9 ; c =@=: 9 ¾ \ “ } D9 ;K<=^ ? : =; k)9 C H A` : 9 B ’ IC L)G B 9 @9 c 9L=^ G =C H aH x5yKC)=B `? : ? ?IDm@H > =: ? `@A9 L=G ? `A: =B ? íqîïðñ,ò

Y ;L=; R H : ZH $ Š NAB =: : =B = 5 C)=<A;A=C : =B ? N <A J =J =XB H LAC H G 9 C A; T: TIˆ H LAH B H LAC H B H LAC H

Š$=B =B@A9 B JK9 =A`=JO=AL? ;D= aAH : ZHKB H LAC H

j ‰j â Ý

Þ ‰ Þj Ý

j ‰ ß o Ý

Ü ‰ß â Ý

À ‰ß â Ý

Ü ‰ Aâ â Ý

j ‰ j)ÀÝ

À ‰ ojÝ

À ‰Â à Ý

À ‰ j ÁÝ

À ‰Â Ü Ý

À ‰À à Ý

À ‰Ü o Ý

À ‰j Ü Ý

Á ‰o Ü Ý

Ü ‰ ÞÞÝ

À ‰â o Ý

Þ ‰  jÝ

À ‰Á à Ý

j ‰Ü â Ý

Á ‰ ÁAÀÝ

À ‰ß Ü Ý

o ‰ ÁAÞÝ

À ‰ ÁÀÝ

À ‰ ÂAÁÝ

À ‰j Ü Ý

j ‰ ojÝ

À ‰o à Ý

j ‰ ÀjÝ

j ‰ ÁÀÝ

À ‰ Ü ÂÝ

À ‰Â â Ý

À ‰ j)ÀÝ

À ‰ Ü ÀÝ

À ‰ jAjÝ

À ‰j Ü Ý

À ‰Ü à Ý

À ‰À â Ý

À ‰ ÂAÀÝ

À ‰j Ü Ý

À ‰o â Ý

À ‰ ß ÁÝ

Á ‰À â Ý

j ‰ â ÁÝ

o ‰ Ü Þ Ý

Ü ‰ ß ÀÝ

À ‰ ojÝ

À ‰ àAà Ý

j ‰Á à Ý

À ‰ j ÀÝ

À ‰ ÁÀÝ

À ‰À ß Ý

À ‰ ÞÂÝ

À ‰ ÀAÁÝ

À ‰ jIo Ý

À ‰ ßAß Ý

⠉ â ÂÝ

Ü ‰Á à Ý

À ‰ ÂAo Ý

ß"‰ Ü â Ý

À ‰ Ü ÀÝ

j ‰ Ü ÂÝ

o ‰Þ â Ý

ã äÚ Ùã Ï

é Ù Ú åAÛ Ï

é çÚ ä Ï

ÙçÚ äAå Ï

ÙÚ ÛAä Ï

é ã ÙÚ á Ï

åÚ èAç Ï



.DPEL\RPXKDVHEHVLLúOHPOHULQLQULVN|OoP\DSÕOÕUNHQLúOHPD÷ÕUOÕN IDNW|UOHUL ELU EDúND GH\LúOH LúOHPOHULQ |QHP GHUHFHVL EHOLUOHQGLNWHQ VRQUD %N]7DEOR LúOHPOHULQKHUELUULVNDoÕVÕQGDQHQ\NVHNWHQ oSXDQ HQ Gú÷H ELU SXDQ  GH÷HUOHQGLULOGL÷L ULVN SXDQODPDVÕ \DSÕOPÕúWÕU µ¶ SXDQ KLo ULVN

ROPDGÕ÷ÕQGD

NXOODQÕOGÕ÷ÕQGDQ

X\JXODPDPÕ]GD

\HU

DOPDPÕúWÕU

3XDQODPD\Õ \DSDUNHQ 7DEOR ¶WHNL ULVN GD÷ÕOÕPODUÕ GLNNDWH DOÕQPÕúWÕU %LUGHQ oH SXDQODPD ROPDVÕ QHGHQL\OH \]GHOLN GH÷HUOHU ¶ON GLOLPOHU KDOLQGH o  SDUoD\D E|OQHUHN PD[LPXP  SXDQ  PLQLPXP  SXDQ  YH DUD SXDQ GH÷HUOHUHOGHHGLOPLúWLU %N]7DEORYH7DEOR 





 




  7DEOR.00øù/(0/(5ø5ø6.38$1$5$/,./$5,1,1%(/ø5/(10(6ø

Y `A: 9 J : 9B

fq: G ? ;

\K=‚AH J,NJ~D99B Ý

»B G = DA99 B Ý

\OH ;H J,NJ~D9A9 B Ý

ÁÀ ‰ ÀAÁ

oj ‰ ÀAo

 ‰ Àj

ÁAo ‰ Ü à

oAo ‰ à j

 ‰ ââ

Áj ‰ â À

oAo ‰ j Â

 ‰Ü j

ß j ‰Ü ß

o ‰ À â

j)o ‰ ß Þ

o à‰ Á Ü

j) ‰ àß

à‰ Ü À

Á Ü ‰o Ü

o ß"‰ Þ â

j À ‰Ü â

Á Ü ‰ß o

o ß"‰ à À

j À ‰ ÞÁ

ß À ‰ ßAß

o à‰ Áj

j)o ‰ j)Á

ÁÁ ‰ oAÞ

oÁ ‰ o à

 ‰Â à

fqB aH G B =Iˆ \9 ;C N: CA? <AJK9AG u 9 ^AT 8KH D9;ODm@H > c =@=: 9 : 9 B H 879 : 9; c =@A=: 9 ¾ \ “ê D9 ;<=^ ? : =;Ok)9 C H `A: 9 B ’ CIL)G B 9O@A9 c 9AL=^KG =C H aH x$y C)=B `[ Dm@H >K=: ? `@A9,L=G ? `A: =B ?





7DEOR.$0%ø<208+$6(%(6øøù/(0/(5ø5ø6.38$1/$0$6,

Y `A: 9 J : 9 B

“ H ;A=;L=: B H LAC

»K^ 9 B =AL)<T;9 : B H LAC

¾ G H aA=B B H LAC H

Y ;L=; C)=<A;A=C : =B ? B H LAC H

j

Á

j

Á

j

j

Á

j

Á

j Á

j

Š$NB =: : =B = R$H : ZH Š =B =B@A9 B JK9 " N)<AJ =JO= G 9 C ;AT: T¯ˆ H LH)B H LAC H A= `=JO=AL? ;D= B H LAC H a H : Z H B H LAC H

fq: G ? ; fqB aH G B =Iˆ \9 ;C N: CA? <AJK9AG o

u 9 ^T

j

8KH D9;ODm@H > c =@=: 9 : 9B H Á

’ CIL)G B 9O@A9 c 9AL=^KG =C H aH x$y C)=B `? : ? ? Dm @H >K=: ? ` @A9 L=G ? `A: =B ?

j Á

j

Á

879: 9; c =@A=: 9 ¾ \ “ê D9 ;<=^ ? : =; k)9 C)H `A: 9B

Á

o o

Á

j

j

o j

o

o j j

o

Á

j

j

o

Á

j

j

Á

j

j

o

j

j

o

j j

o

 

 

j j

Á

o Á

j

o

o

o

o o

Á

o j


7ยP EX KHVDSODPDODU \DSร•OGร•NWDQ VRQUD LNLQFL DรบDPD RODUDN LOJLOL ELULPGH Lo NRQWURO VLVWHPLQLQ HWNLQOLรทL GHรทHUOHQGLULOPHNWHGLU $OPDQ 0HUNH] %DQNDVร• ULVN |OoยPย X\JXODPDODUร•QGD GD LQFHOHQGLรทL JLEL VLVWHPLQ HWNLQ ROXS ROPDPDVร•

GXUXPXQD

J|UH

ELUGHQ

ยoH

SXDQODPD

\DSร•OPDNWDGร•U

8\JXODPDPร•]GD VRQ LNL \ร•O LoLQGH KHUKDQJL ELU ND\ร•S YH\D  ]DUDU \DรบDQPDGร•รทร• YH  EX ELULPGH \DSร•ODQ HQ VRQ GHQHWLP VRQXFXQXQ GD ROXPOX ROGXรทX GยรบยQยOยUVH

SXDQ

ยตยถ

RODFDNWร•U

7DEOR

ยถGH

.DPEL\R

0XKDVHEHVL

รธรบOHPOHULQLQ ULVN SXDQร•\OD KHU ELU LรบOHP LoLQ WHVSLW HGLOHQ LรบOHP Dรทร•UOร•N IDNW|Uย oDUSร•ODUDN WRSODP ULVN SXDQร• HOGH HGLOPLรบWLU 6RQ DรบDPD RODUDN GD NDODQ ULVN GHรทHUOHPHVL LoLQ WRSODP ULVN SXDQร• LOH Lo NRQWURO GHรทHUOHPH IDNW|Uย oDUSร•ODUDN VRQXFD

XODรบร•ODFDNWร•U

8\JXODPDPร•]GD

Lo

NRQWURO

GHรทHUOHPH

IDNW|Uย



ROGXรทXQGDQULVNSXDQODUร•WDEORGDKHVDSODQGร•รทร•รบHNOL\OHNDODFDNWร•U 7DEOR ยถGH HOGH HGLOHQ ULVN SXDQODUร•Qร• HQ \ยNVHNWHQ HQ GยรบยรทH Vร•UDODGร•รทร•Pร•]GDULVNSXDQร•LOH7/NDUรบร•Oร•รทร•G|YL]DOร•รบYHVDWร•รบSXDQ LOH DOWร•Q LรบOHPOHUL   SXDQ LOH PHQNXO Nร•\PHW LรบOHPOHUL YH  ULVN SXDQร• LOH ,0)ยถGHQ \DSร•ODQ oHNLรบOHU LON G|UW Vร•UDGD \HU DOPDNWDGร•U 6|] NRQXVX LรบOHPOHU ILQDQVDO UDSRUODUร• GRรทUXGDQ HWNLOH\HQ LรบOHPOHUGLU +HVDSODQDQ ULVN SXDQร•QD GD\DQDUDN  LOH  DUDVร• EHOLUOHQHQ NULWHUH J|UH LOJLOL LรบOHPLQ KDQJL Vร•NOร•NWD GHQHWOHQPHVL JHUHNWLรทL VRQXFXQX RUWD\D oร•NPDNWDGร•U 'HรทHUOHQGLUPH NROD\Oร•รทร•Doร•Vร•QGDQHOGHHGLOHQULVNSXDQODUร•Qร•QKHUELULยถDE|OยQHUHNLOH DUDVร• ELU SXDQD XODรบร•OPร•รบWร•U +HVDSODQDQ SXDQODU WDEOR ยถGH GH |]HWOHQGLรทL JLEL



LOH



DUDVร•QGD

ELU

GDรทร•Oร•P

J|VWHUPHNWHGLU

'HQHWLP

SODQร•QGD

EHOLUOHQHFHN RODQ DOW OLPLW GHรทHULQH J|UH OLPLWLQ ยVWยQGH NDODQ LรบOHPOHULQ KHU \ร•O GHQHWLPH WDEL RODFDรทร• DNVLQH OLPLW DOWร•QGD NDODQ LรบOHPOHULQ LVH Vร•N GHQHWOHQPHVLQH JHUHN ROPDGร•รทร• YH oRN ID]OD ULVN XQVXUX WDรบร•PDGร•รทร• VRQXFX RUWD\D

oร•NDFDNWร•U

2UWD\D

oร•NDQ

E|\OH

ELU

ULVN

GHรทHUOHPH

PDWULVL

Lo

GHQHWoLOHULQ LQFHOHGLNOHUL ELULPOHULQ Lo NRQWURO VLVWHPLQL J|]GHQ JHoLUPHOHUL YH PDUX]

NDOร•QDQ

ULVNOHUH

NDUรบร•

DOร•QPDVร•

J|VWHULFLROPDNWDGร•U   

 

JHUHNHQ

|QOHPOHU

Doร•Vร•QGDQ

\RO


7DEOR.$0%ø<208+$6(%(6øøù/(0/(5ø5ø6.'(ö(5/(0(0$75ø6ø  øúOHPOHU 5LVNOHU

$OWÕQ LúOHPOHUL 

$UELWUDM 7/NDUúG|Y DOÕúYHVDWÕú 'HSR LúOHPOHUL

øQVDQ

.XUDOODUD

%LOJL

.DUDU

.D\QDNODUÕ

8\PDPD

7HNQRORMLVL

9HUPH$úDPDVÕQGD

5LVNL

5LVNL

5LVNL

%LOJL5LVNL









































































































































































øúOHP

)LQDQVDO

2SHUDV\RQHO

øWLEDU

5LVN

5LVN

5LVNL













$÷ÕUOÕN )DNW|U

723/$0 5ø6. 

*LGHQ G|YL] KDYDOHOHUL (NVWUHYH KHVDSDoÕN WDNLEL *HOHQKDYDOH LúOHPOHUL 0HQNXO NÕ\PHW LúOHPOHUL ,0)¶GHQ \DSÕODQ oHNLúOHU 723/$0

$OWÕQLúOHPLLoLQWRSODPULVN  

RODUDNKHVDSODQPÕúROXSGL÷HULúOHPOHULoLQGHD\QÕSURVHGUL]OHQHUHNKHUELULúOHPHDLWWRSODP

ULVNHOGHHGLOPLúWLU 8\JXODPDPL]GDLoNRQWUROGH÷HUOHPHIDNW|Uµ¶NDEXOHGLOGL÷LQGHQULVNSXDQODUÕWDEORGDKHVDSODQGÕ÷ÕúHNOL\OHNDODFDNWÕU

 


7DEOR.$0%รธ<208+$6(%(6รธรธรน/(0/(5รธ1รธ15รธ6.6,5$/$0$6,   รธรบOHPOHU



 5LVNSXDQร•'HQHWLPVร•NOร•รทร•QD















YHULOHFHNLรบOHPLQยฑ















SXDQDUDVร•QGDVร•UDODQPDVร•

7/NDUรบร•Oร•รทร•G|YL]DOร•รบYHVDWร•รบร•





$OWร•Q









0HQNXONร•\PHWLรบOHPOHUL







,0)ยถGHQ\DSร•ODQoHNLรบOHU







*LGHQG|YL]KDYDOHOHUL









'HSR 









$UELWUDM





















(NVWUHYHKHVDSDoร•NODUร•Qร•QWDNLEL 









*HOHQKDYDOHLรบOHPOHUL





NDUDU



  7DEOR ยถGHNL  Vร•UDODPD KDQJL LรบOHPOHULQ ULVN Doร•Vร•QGDQ |QFHOLN WDรบร•Gร•รทร•YHSHUL\RGLNRODUDNLQFHOHQPHVLJHUHNWLรทLNRQXVXQGDร•รบร•NWXWPDNWDGร•U 6RQXo RODUDN DPDo ULVNOHUL PLQLPXPD LQGLUPHN ROGXรทXQGDQ V|] NRQXVX LรบOHPOHUGH WDP RWRPDV\RQD JHoLOPHVL YH GHรทHUOHQGLULOHQ ULVNOHU DUDVร•QGD HQ Eย\ยN SD\D VDKLS RODQ LQVDQ YH RSHUDV\RQHO ULVNOHULQ HQ D]D LQGLUJHQPHVL VDรทODQPDOร•Gร•U

 


<('รธ1&รธ%g/h0

6218d9('(รถ(5/(1'รธ50(

.XUXPODUร•Q

KHGHIOHULQH

XODรบDELOPHN

DPDFร•\OD

JHUoHNOHรบWLUGLNOHUL

IDDOL\HWOHULQHWNLOLYHYHULPOLELUรบHNLOGHYHNDUรบร•ODรบร•ODQULVNOHULPLQLPL]HHWPH\H \|QHOLN \ยUยWยOPHVL DQFDN HWNLQ ELU ULVN \|QHWLPL YH Lo NRQWURO VLVWHPLQLQ YDUOร•รทร•\OD PยPNยQGยU g]HOOLNOH ยVWOHQGLNOHUL PLV\RQ Doร•Vร•QGDQ KHP LoLQGH EXOXQGXNODUร•VHNW|UHKHPGHWRSOXPDNDUรบร•EHOOLVRUXPOXOXNODUร•RODQNXUXOXรบODU Doร•Vร•QGDQEXNDYUDPODUJLGHUHN|QHPND]DQPDNWDGร•U

รธo NRQWURO YH ULVN \|QHWLP PRGHOOHULQLQ HWNLQ LรบOH\LรบL NXUXPODUร•Q GDKD VDรทOร•NOร• ELU \DSร•\D NDYXรบPDVร•QGD YH VDรทOร•NOร• NDUDU DOPD PHNDQL]PDODUร•Qร•Q ROXรบPDVร•QGD NULWLN |QHPH VDKLSWLU *HQHO RODUDN LQFHOHGLรทLPL]GH ยONHPL]GH GH  ULVN \|QHWLPL Lo NRQWURO YH Lo GHQHWLP PHNDQL]PDODUร•Qร•Q JHOLรบWLULOPHVL EX NDYUDPODUD LOLรบNLQ RODUDN XOXVODUDUDVร• VWDQGDUWODUร•Q ELOLQPHVL YH NXUXOXรบODU LoLQGH oHรบLWOL KL\HUDUรบLN NDWPDQODUGD GD EHQLPVHQPHVL LoLQ JHUHNOL JLULรบLPOHU \DSร•OPDOร•Gร•U .RQX\D LOLรบNLQ DOW\DSร• \RNVXQOXรทX YH |]HOOLNOH ULVN |OoยPยQGH PRGHOOHULQ

ELU

DQGD

JHOLรบWLULOLS

X\JXODQDPDPDVร•

EHOOL

ELU

JHoHUOLOLN

YH

X\JXODQDELOLUOLN VยUHOHULQLQ ROPDVร•  X\JXODPDGD ]RUOXNODU oร•NDUWDELOPHNWHGLU %X Doร•GDQ NXUXOXรบODUร•Q NRQX\X JHQLรบ ELU SHUVSHNWLIOH GHรทHUOHQGLUPHOHUL VDGHFH EXJยQยQ PHY]XDW NRรบXOODUร•Qร• GHรทLO EX NRQXODUGD JHOHFHNWH \DVDO Gย]HQOHPHOHUGH RODELOHFHN GHรทLรบLNOLNOHUL GH GยรบยQHUHN KDUHNHWH JHoPHOHUL VLVWHPLQVDรทOร•NOร•LรบOH\HELOPHVLDoร•Vร•QGDQ|QHPOLGLU

%XoDOร•รบPDGD7ยUNL\H&XPKXUL\HW0HUNH]%DQNDVร•0XKDVHEH*HQHO 0ยGยUOยรทย

EยQ\HVLQGH

\HU

DODQ

.DPEL\R

0XKDVHEHVL

0ยGยUOยรทยยถQยQ

LรบOHPOHUL GRNX] D\Uร• IDDOL\HW EDรบOร•รทร• DOWร•QGD Lo NRQWURO X\JXODPDODUร• YH ULVN

 


|OoยPย Doร•Vร•QGDQ GHรทHUOHQGLULOPLรบWLU .DPEL\R 0XKDVHEHVL LรบOHPOHUL 0HUNH] %DQNDVร• ELODQoRVXQX GRรทUXGDQ HWNLOH\HQ NDOHPOHUL LoHUPHVL YH GROD\ร•Vร•\OD HNRQRPL\L YH SDUD SROLWLNDODUร•Qร• HWNLOH\HELOHFHN NDUDUODUร•Q EX GRรทUXOWXGD DOร•QPDVร• QHGHQL\OH Lo NRQWURO X\JXODPDODUร• YH E|OยPGHNL ULVNOHULQ WHVSLW HGLOLSPLQLPL]HHGLOPHVLDoร•Vร•QGDQEย\ยN|QHPWDรบร•PDNWDGร•U

.DPEL\R oRรทXQOXรทXQXQ PยGยUOยรทH

0XKDVHEHVL

EDรบODQJร•o

EDรทOร•

LOJLOL

PXKDVHEHOHรบWLUPH 0XKDVHEHVL

0ยGยUOยรทยยถQGH

QRNWDVร•

\DSร•ODFDN

PยGยUOยNWHQ

LรบOHPOHUL

0ยGยUOยรทยยถQGH

LรบOHPLQ

DOร•QDQ

ND\QDรทร•QGD

LรบOHPOHULQ EDรบODWร•OGร•รทร•

\D]ร•ODUGร•U

\DSร•OPDN

JHUoHNOHรบWLULOPHNWHGLU

Eย\ยN

'ROD\ร•Vร•\OD

\HULQH

%|\OH

JHQHO

ELU

.DPEL\R X\JXODPD

]DPDQ ]DPDQ PยGยUOยNOHU DUDVร• NRRUGLQDV\RQ NRSXNOXNODUร•QD \RO DoDUDN LรบOHPOHULQ PXKDVHEHOHรบWLULOPHVLQL JHFLNWLUGLรทL JLEL D\Qร• ]DPDQGD LรบOHPOHUGH ]DPDQ ND\Eร•QD QHGHQ ROPDNWD  YH HWNLQOLรทL GH D]DOWPDNWDGร•U 'ROD\ร•Vร•\OD LรบOHPOHULQ ND\QDรทร•QGD PXKDVHEHOHรบWLULOPHVL WDNLS Doร•Vร•QGDQ GD NROD\Oร•N VDรทOD\DFDNWร•U %X NRQXGD .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQยQ VRUXPOXOXรทX LVH

LOJLOL

ELULPFH

PXKDVHEHOHรบWLULOHQ

ND\ร•WODUร•Q

NRQWUROOHULQLQ

\DSร•OPDVร•

ROPDOร•Gร•U $QFDN ELULPOHU DUDVร• PXWDEDNDW VDรทODPDN Doร•Vร•QGDQ GD \DSร•ODFDN KHUKDQJL ELU Gย]HOWPH ND\Gร•QD LOLรบNLQ \HWNLQLQ NRQWURO VLVWHPLQLQ EยWยQOยรทย Doร•Vร•QGDQWHNELUELULPGHEXOXQPDVร•GLNNDWHDOร•QPDVร•JHUHNHQELUXQVXUGXU

.DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQFH PXKDVHEHOHรบWLULOHQ LรบOHPOHULQ Eย\ยN ELU Nร•VPร•QGD YHUL JLULรบLQLQ PDQXHO RODUDN \DSร•OPDVร•  ND\ร•WODUGD LQVDQ KDWDVร• ULVNL WDรบร•PDNWDGร•U g]HOOLNOH 0HUNH] %DQNDVร• ELODQoRVXQX ROXรบWXUDQ NDOHPOHULQ

|QHPOL

ELU

E|OยPยQยQ

V|]

NRQXVX

PยGยUOยN

WDUDIร•QGDQ

ROXรบWXUXOPDVร• NDUรบร•ODรบร•ODELOHFHN ULVNOHUL RUWDGDQ NDOGร•UPDN YH\D D]DOWPDN Doร•Vร•QGDQ DOร•QDFDN |QOHPOHUL DUWร•UPDNWDGร•U %X NRQXGD 0XKDVHEH *HQHO 0ยGยUOยรทย NRRUGLQDV\RQXQGD ยณ0XKDVHEH 7DP 2WRPDV\RQ 6LVWHPLยด DGร• YHULOHQ ELU SURMH \ยUยWยOPHNWHGLU 6|] NRQXVX SURMH LOH LรบOHPOHULQ LQVDQ KDWDVร•Qร•

HQ

D]D

LQGLUJH\HFHN

PXKDVHEHOHรบWLULOPHVL

รบHNLOGH

LรบOHPOHULQ

RWRPDWLN

SDUDOHO

RODUDN

X\JXODPD

YH

ND\QDรทร•QGD

GRรทUXOWXVXQGD

WHN

PHUNH]GHQ \ยUยWยOPHVL YH .00ยถQLQ PXKDVHEHOHรบHQ ND\ร•WODUร•Q NRQWUROยQย \DSPDVร•DPDoODQPDNWDGร•U

 


รธรบOHPOHULQPXKDVHEHOHรบWLULOPHVLDรบDPDVร•QGDRUWD\Doร•NDQ|QHPOLULVN XQVXUODUร•QGDQ ELUL GH RQOLQH RODUDN LOJLOL รบXEHOHUHJ|QGHULOPHNย]HUH\DUDWร•ODQ PXKDVHEH ND\ร•WODUร•Qร•Q LNL DรบDPDOร• RQD\ VRQUDVร•QGD PXKDVHEHOHรบPHVL YH PXWODND

GHNRQWXQXQ

DOร•QPDVร•

V|]

NRQXVX\NHQ

GDKLOL

RODUDN

\DUDWร•ODQ

PXKDVHEH ND\ร•WODUร•QGD E|\OH ELU ]RUXQOXOXรทXQ ROPDPDVร• YH ILรบLQ NHVLOGLรทL DQGD

PXKDVHEHOHรบPHVL

0XKDVHEHOHรบWLULOHQ ROGXรทXQGDQ GXUXPXQGD

ND\GD

YH

KHVDSODUD

LOLรบNLQ

PXKDVHEHOHรบWLULOHQ %

YH

$

RQD\ร•

SLNยU ILรบLQ

YHUHQ

\DQVร•PDVร•

DOร•QPDVร• ย]HULQGH

\HWNLOL

GD

GXUXPXGXU

RSVL\RQD

Gย]HOWPH

NLรบLOHU

EDรทOร•

\DSร•OPDVร•

Doร•Vร•QGDQ

NRQWURO

]RUODรบPDNWDGร•U 2UWD\D oร•NDELOHFHN RODVร• ELU KDWD LVH HUWHVL JยQ \DSร•ODFDN PXWDEDNDWODU Vร•UDVร•QGD RUWD\D oร•NPDNWDGร•U %X GD KDWDQร•Q R DQ Gย]HOWLOPHVL \HULQH

KHVDSODUD

X]DPDVร•QD

\DQOร•รบ

UDSRUODPDGD

ELU

ND\Gร•Q

KDWDODUD

YH

JLUPHVLQH

\RO

HWNLQOLรทLQ

DoDUDN

LรบOHPOHULQ

VDรทODQDPDPDVร•QD

\RO

DoPDNWDGร•U %X GXUXP |QHPOL ELU NRQWURO ERรบOXรทX RODUDN J|]H oDUSPDNOD ELUOLNWH .DPEL\R 0XKDVHEHVL 0ยGยUOยรทยยถQFH GHรทHUOHQGLUPH\H DOร•QPร•รบ ROXS WDP RWRPDV\RQD JHoLOGLรทLQGH E|\OH ELU SUREOHPLQ GH RUWDGDQ NDONDFDรทร• GยรบยQยOPHNWHGLU

'LรทHU

WDUDIWDQ

%DQNDPร•]ร•Q

JHUHN

\XUW

Gร•รบร•

PXKDELU

EDQNDODUร•

DUDFร•Oร•รทร•\OD JHUoHNOHรบWLUGLรทL KHU WยUOย LรบOHP JHUHN JยQ LoLQGH PยGยUOยN EยQ\HVLQGH EยQ\HVLQGH

PXKDVHEHOHรบWLULOHQ &2521$

SURJUDPร•

LรบOHPOHULQ DUDFร•Oร•รทร•

WDNLEL LOH

.DPEL\R

KHVDS

YH

0XKDVHEHVL

PXKDELU

EDQND

ND\ร•WODUร•Qร•Q PXWDEDNDWร• \ROX\OD \DSร•OPDNWDGร•U รนX DQ NXOODQร•OPDNWD RODQ &2521$ SURJUDPร• RWRPDWLN PXWDEDNDWร•Q \DQร•QGD NXOODQร•Fร• LQLVL\DWLILQGH PDQXHO RODUDN \DSร•ODQ HรบOHรบWLUPHOHUL GH NDSVDPDNWD ROXS LQVDQ KDWDVร•QD Doร•NWร•U

%X

QHGHQOH

NXOODQร•ODQ

&2521$

SURJUDPร•

LKWL\DoODUD

FHYDS

YHUHELOHFHN QLWHOLNWH ROPDVร• YH \DSร•ODFDN PXWDEDNDW LรบOHPOHULQGH LQVDQ LQLVL\DWLILQLQ HQ D]D LQGLUJHQPHVL Doร•Vร•QGDQ GHรทHUOHQGLULOPHOLGLU 'ROD\ร•Vร•\OD KHP

LรบOHPOHUGH

HWNLQOLรทL

DUWร•UPDN

YH

Kร•]

ND]DQPDN

KHP

GH

JHWLUGLรทL

\HQLOLNOHUGHQ ID\GDODQPDN Doร•Vร•QGDQ V|] NRQXVX SURJUDPร•Q \HQL YHUVL\RQODUร• WHPLQHGLOHELOLU 7DP RWRPDV\RQD JHoLOPHVL\OH ELUOLNWH HOLPLQH HGLOHFHN RODQ  NRQWURO ]D\ร•IOร•NODUร•

SDUDOHOLQGH

EXQODUGDQ

GRรทDELOHFHN

ULVNOHU

GH

HQ

D]D

LQGLUJHQHFHNWLU .00ยถGH LQFHOHQHQ KHU ELU LรบOHP Doร•Vร•QGDQ V|]NRQXVX ULVNOHU

 


LoHULVLQGH ELULQFLO GHUHFHGH |QHPOL RODUDN LQVDQ ULVNL RSHUDV\RQHO ULVN YH ILQDQVDO ULVN WHVSLW HGLOPLรบWLU รธรบOHPOHULQ ULVN Vร•UDODPDVร• LQFHOHQGLรทLQGH LVH 7/ NDUรบร•Oร•รทร• G|YL] DOร•รบ YH VDWร•รบร• DOWร•Q  PHQNXO Nร•\PHW YH ,0)LรบOHPOHULQLQ|QFHOLN WDรบร•Gร•รทร• VRQXFXQD YDUร•OPร•รบWร•U 'ROD\ร•Vร•\OD WDP RWRPDV\RQD JHoLOPHVL\OH ELUOLNWH

V|]NRQXVX

LรบOHPOHUH

LOLรบNLQ

ULVNOHULQ

PLQLPL]H

HGLOPHVL

ILQDQVDO

UDSRUODUD JยYHQLOLUOLรทL รบHIIDIOร•N SUHQVLEL JHUHรทL NDPX\D GX\XUXODQ YHULOHULQ GRรทUXOXรทXQX

YH

\|QHWLFLOHULQ

NDUDU

DOPD

DรบDPDVร•QGD

GRรทUX

DGร•PODU

DWDELOPHOHULQLVDรทODPDNDoร•Vร•QGDQ|QHPOLGLU

$\Uร•FD WHVSLW HGLOHQ NRQWURO ]D\ร•IOร•NODUร• YH ULVNOHULQ |QOHQPHVLQH \|QHOLN

\DSร•ODFDN

L]OH\HFHN

oDOร•รบPDODUGD

GHรทLรบLPOHUL

ELULP

J|]OHPOH\HFHN

LoLQGH YH

EX

\DSร•ODQ

WยU

IDDOL\HWOHUL

HQ

VRQ

VยUHNOL

GHQHWLP

YH

GHรทHUOHQGLUPH VRQXoODUร•QD GD\DQDUDN YH NXOODQร•ODQ WHNQRORMLQLQ LKWL\DoODUD FHYDS YHULS YHUPHGLรทLQL GHรทHUOHQGLUHUHN E|OยPGHNL Lo NRQWURO \DSร•Vร•Qร•Q \HWHUOLOLรทL

YH

HWNLQOLรทL

KDNNร•QGD

|QHULOHUGH

EXOXQDFDN

ELU

NRQWURO

JUXEX

NXUXOPDVร• ID\GDOร• RODFDNWร•U %LULPOHU LoLQGH NXUXODFDN NยoยN NRQWURO JUXSODUร• KHPIDDOL\HWOHUL\HULQGHWDNLSHWPHNKHPGHoDOร•รบDQODUร•QNHQGLJ|UHYDODQODUร• LoHULVLQGHNL

LรบOHPOHUGH

ROXรบDELOHFHN

DNVDNOร•NODUร•

GDKD

QHW

J|UHELOPHOHUL

Doร•Vร•QGDQNROD\Oร•NVDรทOD\DFDNWร•U

7ยP EX IDNW|UOHULQ \DQร•Vร•UD GHQHWLPH WDEL RODFDN IDDOL\HWOHULQ Lo GHQHWLP

WDUDIร•QGDQ

GHรทHUOHQGLULOPHVL

\DQร•QGD

EDรทร•PVร•]

GHQHWLP

NXUXOXรบODUร•QFD GD LQFHOHQPHVL ย]HULQGH GXUXOPDVร• JHUHNHQ ELU NRQXGXU %Dรทร•PVร•]

GHQHWLP

\|QHWLFLOHUH

VLVWHPLQ

LรบOH\LรบL

NRQXVXQGD

|QHULOHUGH

EXOXQDUDN GDKD HWNLQ oDOร•รบร•OPDVร• NRQXVXQGD NDWNร• VDรทODU 'ROD\ร•Vร•\OD NXUXP Gร•รบร•QGDQ IDUNOร• ELU EDNร•รบ Doร•Vร•\OD VLVWHPLQ LรบOHUOLรทL KDNNร•QGD J|Uยรบ ELOGLULOPHVL NXUXP

WDUDIร•QGDQ

JยYHQLOLUOLรทLQLQ

WXWXODQ

KHVDSODUร•Q

VDSWDQPDVร•

Lo

YH

NRQWURO

KD]ร•UODQDQ

VLVWHPOHULQLQ

ILQDQVDO ELU

UDSRUODUร•Q

EยWยQ

RODUDN

GHรทHUOHQGLULOPHVLDoร•Vร•QGDQ|QHPOLGLU

%X oDOร•รบPDODU VยUGยUยOยUNHQ ULVN NRQWURO YH GHQHWLP NDYUDPODUร•Qร•Q WHRULN YH NDรทร•W ยVWย ROJXODU RODUDN GHรทLO JHUoHN YH SUDWLN \DรบDPร•QELU SDUoDVร• RODUDN DOJร•ODQPDVร• HWLN LONHOHUGHQ YH รบHIIDIOร•NWDQ |GยQ YHULOPHPHVL ELOJL YH GHQH\LPSD\ODรบร•PODUร•Qร•QEHOOLELUoHUoHYHGHVยUGยUยOPHVLHWNLQLoGHQHWLPYH NRQWURO VLVWHPOHULQLQ GHYDPOร•Oร•รทร• LoLQ WHNQRORML YH LQVDQ ND\QDรทร•QD \DWร•Uร•P

 


\DSร•OPDVร•

HรทLWLP

SURJUDPODUร•Qร•Q

\RรทXQODรบWร•Uร•OPDVร•

GHQHWLPLQGHNDWPDGHรทHU\DUDWร•OPDVร•VDรทODQPDOร•Gร•U

 

YH

WยP

IDDOL\HWOHULQ


.$<1$.d$   %DQN RI (QJODQG ³ %DQNV¶ ,QWHUQDO &RQWUROV DQG WKH 6HFWLRQ  3URFHVV ³ ùXEDW %''.%DQNDFÕOÕN']HQOHPHYH'HQHWOHPH.XUXPX³%DQNDODUÕQøo'HQHWLP YH5LVN<|QHWLPL6LVWHPOHUL+DNNÕQGD<|QHWPHOLN³ KWWSZZZEGGNRUJWU 0DUW 



%,6%DVOH&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ³&RUH3ULQFLSOHVIRU(IIHFWLYH %DQNLQJ6XSHUYLVLRQ³(\OO %,6%DVOH&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ³5LVN0DQDJHPHQWIRU (OHFWURQLF%DQNLQJDQG(OHFWURQLF0RQH\$FWLYLWLHV³0DUW %,6%DVOH&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ³)UDPHZRUNIRUWKH(YDOXDWLRQ RI,QWHUQDO&RQWURO6\VWHPV³2FDN %LHV6XVDQ6³&RUSRUDWH*RYHUQDQFHDQG5LVN0DQDJHPHQW³ 

%,65HYLHZ



KWWSZZZELVRUJUHYLHZ 0DUW 

&DUPLFKDHO 'RXJODV 5  :LOOLQJKDP -RKQ - DQG 6FKDOOHU &DURO $ $XGLWLQJ &RQFHSWV DQG 0HWKRGV ³ $ *XLGH WR &XUUHQW 7KHRU\ DQG 3UDFWLFH´ &KDSWHU &RPPLWWHHRI6SRQVRULQJ2UJDQL]DWLRQVRIWKH7UHDGZD\&RPPLVVLRQ 

KWWSZZZFRVRRUJ3XEOLFDWLRQVH[HFXWLYHBVXPPDU\BLQWHJUDWHGB IUDPHZRUNKWP ùXEDW  KWWSZZZFRVRRUJ.H\&RQFHSWVLQGH[KWPO

&RPSWUROOHURIWKH&XUUHQF\$GPLQLVWUDWRURI1DWLRQDO%DQNV 

³,QWHUQDO&RQWURO&RPSWUROOHU¶V+DQGERRN2FDN



KWWSZZZRFFWUHDVJRYKDQGERRNLQWFQWUOSGI

'DOWRQ-DQG+LOEHUV3³7KH5ROHRI,QWHUQDO&RQWURODQG$XGLW



6\VWHPVLQ6XSSRUWLQJ&HQWUDO%DQN*RYHUQDQFHDQG7UDQVSDUHQF\´ ,QWHUQDWLRQDO

0RQHWDU\

)XQG

([FKDQJH$IIDLUV'HSDUWPHQW 

 

7HPPX]



0RQHWDU\

DQG


)HGHUDO5HVHUYH%DQNRI1HZ<RUN6HPLQDU1RWHV.DVÕP 

³5LVN$VVHVPHQW0HWKRGRORJ\´

*UHGLQ(³'HQHWLP³$OWÕQFÕ%|OPøo.RQWURO6LVWHPL ³,QWHUQDO&RQWURODQG,QWHUQDO$XGLWLQJ*XLGDQFHIRU'LUHFWRUV0DQDJHUV  

DQG$XGLWRUV³.DVÕP KWWSZZZWKHLLDRUJHFLLD (XURSHDQ&RQIHGHUDWLRQRI,QVWLWXWHVRI ,QWHUQDO$XGLWLQJ 

³,QWHUQDO&RQWURO0DQDJHPHQWDQG(YDOXDWLRQ7RRO³ùXEDW 

KWWSZZZJDRJRYQHZLWHPVGJSGI 0DUW 

.DYDO+³%DQNDODUGD5LVN<|QHWLPL´$÷XVWRV6 .HSHNoL&³%D÷ÕPVÕ]'HQHWLP´0DUW6 .LQQH\:5³$XGLWLQJ5LVN$VVHVVPHQWDQG5LVN0DQDJHPHQW3URFHVVHV´ 2FDN7KH,QVWLWXWHRI,QWHUQDO$XGLWRUV5HVHDUFK)RXQGDWLRQ .RQUDWK /DUU\ )  $XGLWLQJ &RQFHSWV DQG $SSOLFDWLRQV ³ $ 5LVN$QDO\VLV $SSURDFK´&KDSWHU ³0DQDJHPHQWDQG,QWHUQDO&RQWURO(YDOXDWLRQ³ 

KWWSZZZDXGLWQHWRUJGRFVPDQDJHSGI 0DUW 

³0DQDJHPHQW

RI

5LVN

±

$

6WUDWHJLF

KWWS??ZZZKPBWUHDVXU\JRYXN

2YHUYLHZ´

PHGLDVWRUH



2FDN

RWKHUILOHV





RUDQJHB

ERRN3GI 0H\HU + / ³:K\ ULVN PDQDJHPHQW LV LPSRUWDQW IRU JOREDO ILQDQFLDO LQVWLWXWLRQV"´KWWS??ZZZELVRUJUHYLHZUESGI 1XPDQR÷OX

0

³%DQNDODUGD 5LVN

<|QHWLPL øo .RQWURO YH øo 'HQHWLP



6LVWHPOHULQLQ2UJDQL]DV\RQXYH(QWHJUDV\RQX±']HQOHPHOHU



8\JXODPDODUgUQHNdDOÕúPDODU´$UDOÕNøVWDQEXO

5DXVFK0³*HQHUDO6WUXFWXUHRIWKH,QWHUQDO&RQWURO6\VWHPZLWKLQ 

7KH'HXWVFKH%XQGHVEDQN³



³,QWHUQDO&RQWURODQG$XGLWLQ&HQWUDO%DQNV´6HPLQDU1RWHV

(\OO ³5LVN0DQDJHPHQW ,QWHUQDO&RQWURO6HOI$VVHVVPHQW0DWUL[´ 

KWWSZZZWUHDVXU\QVZJRYDXSXEVUPLFUPLFPDLQKWP 0DUW 

6D\ÕúWD\,1726$,øo.RQWURO6WDQGDUWODUÕ 

KWWSZZZVD\LVWD\JRYWU\D\LQ\D\LQLFHULNLQWRVDLKWP  

6D\ÕúWD\,1726$,³øo.RQWURO.DPXVDO+HVDSYHUPH6RUXPOXOX÷XLoLQELU 

<DSÕ2OXúWXUXOPDVÕ´dHYLUHQ%DUDQg=(5(1$QNDUD0D\ÕV



KWWSZZZVD\LVWD\JRYWU\D\LQ\D\LQLFHULN

 


6FRWW&³,QWHUQDO$XGLWLQD&HQWUDO%DQN³0D\ÕV 

KWWSZZZEDQNRIHQJODQGFRXNFEV ùXEDW 

³6WDQGDUGVIRU,QWHUQDO&RQWUROLQWKH)HGHUDO*RYHUQPHQW³.DVÕP 

KWWSZZZJDRJRYVSHFLDOSXEV ùXEDW 

³6WDWHPHQWRI%HVW3UDFWLFH±,QWHUQDO&RQWURO ,QWHUQDO$XGLW+D]LUDQ´ KWWSZZZWUHDVXU\QVZJRYDXSXEVWSSDWSSDKWP



ùXEDW

  7KH,QVWLWXWHRI,QWHUQDO$XGLWRUV 

³5HFRPPHQGDWLRQVIRU,PSURYLQJ&RUSRUDWH*RYHUQDQFH³ 1LVDQ



 



KWWSZZZWKHLLDRUJHFPSULQWIULHQGO\FIP"GRFBLG

  

7KH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVLQ(QJODQG :DOHV ³*XLGDQFHIRU'LUHFWRUVRQ&RPELQHG&RGH´(\OO KWWSZZZLFDHZFRXNLQWHUQDOFRQWURO ùXEDW  7KH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVLQ(QJODQG :DOHV 

³,PSOHPHQWLQJ7XUQEXOO±$%RDUGURRP%ULHILQJ³(\OO KWWSZZZLFDHZFRXNLQWHUQDOFRQWURO ùXEDW 

³7KH0DMRU(OHPHQWVRIDQ,QWHUQDO&RQWURO3URFHVV³ 

KWWSZZZULVNLQVWLWXWHFKQHZULVNLIFLFKKWP  

7KH$XGLW2IILFHRI1HZ6RXWK:DOHV 

³5LVN0DQDJHPHQW³



KWWSZZZDXGLWQVZJRYDX4XHVWLRQQDLUHV5LVN

6XUYH\

,QVWUXPHQW

3GI 7KRPDV /6 DQG 9DUJDV /* ³'HFLVLRQ 0DNLQJ LQ (FRQRPLF 3ROLWLFDO 6RFLDO DQG 7HFKQRORJLFDO (QYLURQPHQWV ZLWK WKH $QDO\WLF +LHUDUFK\ 3URFHVV³9RO9,,&KDSWHU 7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ7HúNLODWYH*|UHYOHUL(VDV<|QHWPHOL÷L $QNDUD6 7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕøo'HQHWLP<|QHWPHOL÷L 

KWWS??PHULQWGX\XUXODUWDOLPDWODULFGJP\KWP

7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ0XKDVHEH*HQHO0GUO÷.DPEL\R 0XKDVHEHVL0GUO÷øú7DQÕPODUÕ KWWS??,GPVILOH?LNJ?,.*2UWDN?LPBLVWDQPODUL?0XKDVHEH?.DPEL\R PXKDVHEHVL?.DPEL\R,V7DQÕPODUL'L]LQLKWP  7]Q<³5LVNQHGLU"³ 

øo'HQHWLP'HUJLVL<ÕO6D\Õ6

 






(./(5                    

 


        (.



øù$.,ùù(0$6,6(0%2//(5ø











øúOHPLQEDúODQJÕoYHELWLPLQLEHOLUWPHNLoLQNXOODQÕOÕU





øúDNÕúÕLoLQGH\DSÕOPDVÕJHUHNHQDGÕPODUÕEHOLUWLU







øúLQ

DNÕúÕ

LoHULVLQGH

X\JXODQDQ

ELU

EDVDPDN

VRQXFXQGD ELU NDUDUD YDUÕOPDVÕ EHNOHQL\RUVD YH EX NDUDU VRQXFX X\JXODQDELOHFHN ELUGHQ ID]OD DGÕP ROXúX\RUVDNXOODQÕOÕU    øúLQ DNÕúÕ LoLQGH ELOJLVD\DUOD LOJLOL KHU WUO EDVDPDN LoLQNXOODQÕOÕU



 

 


(. 

(,*(19(&725<g17(0ø</(0$3/(352*5$0,.8//$1,/$5$. +(6$3/$1$1.$0%ø<208+$6(%(6øøù/(0/(5ø1ø15ø6. <h='(/(5ø1(ø/øù.ø1d,.7,/$5 ó

ô



! $

OLQDOJ>PDWUL[@ >

     @  HYDOI (LJHQYDOV $

 ODPEGD Y$

HYDOI (LJHQYDOV $YHFV$



OLQDOJ>VXEPDWUL[@ YHFV$ 

 $

OLQDOJ>PDWUL[@ >

     @  HYDOI (LJHQYDOV $

 ODPEGD Y$

HYDOI (LJHQYDOV $YHFV$



OLQDOJ>VXEPDWUL[@ YHFV$ 

 $

OLQDOJ>PDWUL[@ >

     @  HYDOI (LJHQYDOV $

 ODPEGD Y$

HYDOI (LJHQYDOV $YHFV$



OLQDOJ>VXEPDWUL[@ YHFV$ 

  

õ

 ö5÷øùúû ùü ùû ùý þ ÿ1ùAÿ þû ü ùAøþ ÿ÷A÷ ÿ Aû ÷  ÷ÿ A÷  ýÿ ÷ ü Aû ÷÷øùúAû ùÿAùÿ1ý  ø A÷ û ÷ ý  ÿ÷ û    ÿû ùý ù%øù÷ )÷ ùû  þ ÿAüK÷ ÿ û Aþ AüO÷ A÷  !"#÷ ÿ$ùú þ û ùÿ&%)÷'  Aû ÷ ý( Aû ÷ü,û ÷ ý  ÿ ÿ ü#ÿ÷& ÷ ý A÷ý  û ü   ý )

 


$

ª « « « « « « « « « « « « « « « « « « « « « « « « « « « « « « « ¬













































































  





º » » » » » » » » » » » » » » »  » » » » » » » » » » » » » » » » ¼















 



 







 





>      ,   ,



  ,   ,   ,    , @ O 

>      ,   ,   ,   ,   ,    , @

Y$

$

ª « « « « « « « « « « « « « « « « « « « « « « « « « « « « « « « ¬

  

 ª º « » « » « » « » « » « » « » «  »  « » « » « » « » «  » « » « » « »  ¬ ¼









   



















































 

   

 









  

   





























  

º » » » » » » » » » » » » » » »  » » » » » » » » » » » » » » » » ¼




>    ,   ,



  ,   ,   ,    , @ O 

>    ,   ,



  ,   ,   ,    , @

Y$

$

ª « « « « « « « « « « « « « « « « « « « « « « « « « « « « « « « ¬



 º ª « » « » « » « » « » « » « » «  »  « » « » « » « » « » « » « » « »  ¬ ¼











































































 



 





 









































  

º » » » » » » » » » » » » » » »  » » » » » » » » » » » » » » » » ¼

>     ,   ,



  ,   ,   ,   , @ O 

>     ,   ,   ,   ,   ,   , @

Y$

 ª º « » «  » « » « » «  » « » « » «  » « » « » « » « » «  » « » « » « »  ¬ ¼ 

 









 




*

$/7,1øù/(0/(5ø  

3

+-, ./ 0 1'2

, 454.50 3 2 , ./

67 1'2  5 .8941'0 2 , ./

, 454.50 2 , ./

G

GJ L

:;

4.54 : /5 845/ 0 52 = 2 , ./ ,

> ?2 50 0 52 5 ? 8@#5@#5 2 , ./ ,

AN, 0 B', 1'/ 490 9C , ., ; 2 , ./ ,

> 52 52D1'2 @1 5E5@&5.= 4F5 <, 0 B', 2 , ./ ,

GJ L

GJ M

I

GJ M

I

I

GJ M

I

GJ M

L

GJ M

L

GJ M

I

M

GJ M

, <522 , ./ ,

6$7 1'2 5.8941'0 2 , ./ L

G

, <52(2 , ./ , :; 4.54#/5845/ 0 52 = : 2 , ./ , > ?2 50 0 52 5 ? 8@#5@&5O2 , ./ , A , 0 B', 1'/ 490 9C , ., ; 2 , ./ , >P52 52D12 @&1 5E5@#5.= 4F5O<, 0 B, 2 , ./ ,

L

GJ I M

M

M

G

GJ I

GJ I

GJ L

GJ M

M

M

M

M

GJ I

GJ L

GJ I

GJ M

G

G

M

GJ M

M

G

G G

M

GJ M

G

 

0(1.8/.,<0(7øù/(0/(5ø

3

6$7 1'2  5 .8941'0 2 , ./

, 454 .50 2 , ./

+-, ./ 0 1'2 , 454.50 2 , ./ 3 67 1'2 5.8941'0 2 , ./

G



:;

4 .54 : /5845/ 0 52 = 2 , ./ ,

> ?2 50 0 52 5 ?8@#5@&5 2 , ./ ,

I

GKJ L

M

I

GJ M

L

GKJ M

L

L

GJ M

GKJ L

GJ M

M

M

GKJ L

GJ M

G

GJ M

, <52(2 , ./ ,

H

GKJ H

G

, <522 , ./ ,

GKJ I

GJ L

4 .54 : /5845/ 0 52 =#2 , ./, L

M

M

G

>N?2 50 0 52 5 ? 8@#5@&5O2 , ./,

GKJ M

GJ L

GKJ M

GKJ M

GKJ I

GJ L

L

GKJ M

M

M

M

GKJ M

:;

A , 0 B', ' 1 /490 9C , ., ; 2 , ./ , >P52 52D12 @&1 5E5@#5.= 4F5 <, 0 B', 2 , ./ ,

G

GKJ M

A , 0 B', 1/ 490 9C , ., 2 , ./ ,

M

;

M G L M

> 52 52D1'2 @1 5E5@&5.= 4F5 <, 0 B', 2 , ./ ,

M

G

 









+-, ./ 0 1'2 3

, 454 .50 2 , ./

, 454.50 2 , ./ 3 6 7 1'2 5.8941'0  2 , ./ :;

G

,0)¶'(1<$3,/$1d(.øù/(5

6$7 1'2  5 .8941'0 2 , ./

, <52(2 , ./ ,

> ?2 50 0 52 5 ?8@#5@&5 2 , ./ , ;

A , 0 B', 1/ 490 9C , ., 2 , ./ ,

> 52 52D1'2 @1 5E5@&5.= 4F5 <, 0 B', 2 , ./ ,

GKJ H

GKJ M

L

L

GJ H

G

GKJ H

GKJ M

L

GKJ M

GJ H

G

GKJ M

I

Q M

Q

GKJ M

GJ H

G

GJ M

H

H

4 .54 : /5845/ 0 52 =#2 , ./, M

M

M

G

>N?2 50 0 52 5 ? 8@#5@&5O2 , ./,

GKJ L

GJ L

GKJ M

GKJ M

GKJ L

M

GKJ I

GKJ M

H

H

GKJ Q

GKJ Q

A , 0 B', ' 1 /490 9C , ., ; 2 , ./ , >P52 52D12 @&1 5E5@#5.= 4F5 <, 0 B', 2 , ./ ,

 

R

4 .54 : /5845/ 0 52 = 2 , ./ ,

GJ L

L

, <522 , ./ ,

:;

M M G

H

M M

?/52 = F5/ , 5<0 90 52'50 = 4'T@1'4/ ?0UD1V W , E0 1'@0 12 , , X, 485 7 = 0 54#2 , ./YF1Z1'2 0 1'@&1., 4,KB[. 1'2 @&1'/ 1F', 2 \+-, ./ 0 1'2 , 4#<, 2 <, 2 , 80 1 ; ; 3 ; ; /= S 85.0 5@#5.=GT I(T L'T M(T H 7 ?540 5@&5.= 45&B92 1#85 7 = 0 @&5/ 5(T1E, F' ? 2 ?@0 52, X, 4. 1](T ^PT QT _ 7 ?540 5@#5.=/ ?0 0 54'= 0 @&5/ 5F(= 2 \ ; ; ; 

 

G






˜

– ˜ ˜

– ˜

˜

˜

˜

Ä

“˜Ä

•

– ˜

– ž

q

€

q

zw

‡ x€

s

Ã



˜

œ

ž

š

–

« ¡

œ

£ª

£ £¦

«¥ ²¤¥ ¢

« ¬¦ ¬«

¦

¡Ÿ ¤¢£ ¤ ¤¥

” ™˜š

•

” – š

š

œ

•“

˜

—“

•

¡ £«

©œ

ž• ” ™˜š

”

”˜ –  

–

š

œ

•

—

›

¬²«

›

œ

—

˜ ›

—

•˜

— —

œ˜š

•

“

—˜š

œ“

˜

– •“ 

©

– ž

“

žœ 

˜

“˜

˜š

—

›

˜

•“

œ

˜š

˜ – š  ˜ ©

–

ž

žœ

•

©—

š

”˜ – š

u

q

tq

o

ˆ‰

q ss

t ~

‡ x€

x

tq „t

e

Š da

tq ~

u x |s‚ o pu zs z ƒo ro

o

u

o ro

t

prq

p{

o q ro

t

u

o

o} {|

s

u

o

ro

t

tq

pxz

yqr

u t

o x vw

ro

qt

€

q

€

os‚ q… to q o € r o †qpr u

}

y

r

t

r

q st

r

h



“˜Ä

–

Ä

— ” ™˜š

ž – ž

©

˜

˜

–

” –— — ” ˜š™ žš

•

“

“

˜š

“š

˜

” ™˜š

œ“

– ›

”

” ™˜š

qp

`a

p no

g

ef

c da

bc dc



“˜Ä

›˜

– —

š

„t

x

tq

tq ~



to q o € r o †qpr u

os‚ q…

}

o u x s‚ o | pu zs z ƒo ro

o ro

t

·Â

µ

ÂÁ

½À

¾

©œ

¸ ³¿

©“

ž



¾µ ³



– ž

“

“

œ

›

ž

– 

©›

—˜



g ldm

k ij



“Ä

Ä – ž› ˜

u

ro



Ä – ©›

Ä

o q

tq

q ss

› žœ ž

˜

“

—˜ ©š—

©›

˜

ˆ

‘

Œ ‘

Œ

ˆŽ

‹Œ

‘’

” –•

`¨ ’

Œ

Ž‘

’



“

Ä

•

©

– ž

qt

€

q

€

t ~

»¼ ½¶

–

ž

›

–



©š›

•

“



‘

Œ

‘’

Œ

øù/(0/(5ø1+(6$3/$1$1(ø*(19(.7g5'(ö(5/(5ø

– —

›

“Ä – ©

“Ä

y

u

ro

o



š

—

Ä

t

prq

p{

º

¹¸ ³

µ¶

·

µ¶

³´

š•

œ˜

˜

– “ ©

—“

œ

—˜

•

•˜

—

˜

‹Ž

Œ

‹°

¨

Ž‘

– “

i

‘

Œ

­®¯

’

˜ – š ˜

± ` 

‘



– 

ž

– 

š

©Ä – š —

u

o

o} {| ro

t

tq

s

u

o



Ä – • ˜

˜

Ä

Ä

pxz

yqr

u t

o x vw

r

q st

r

h



Ä “ – •

—

– •

–©œ 

r

t

qp

`a

p no

g

ef

c da

bc dc



›

Ä

Ä



g ldm

k ij



– •

š

ˆ

‘

Œ ‘

Œ

ˆŽ

‹Œ

‘’

– • œ

`¨ ’

Œ

Ž‘

’



©Ä – šš

•

– •

“Ä



‘

Œ

‘’

Œ



©

‹Ž

Œ

‹°

¨

Ž‘

~“ 

Ä

i

‘

Œ

­®¯

’



– ©

± ` 

‘



žÄ – •

 



 




 

P PN QG Ug]HOOLNOHJ YHQHGD\DOÕLúOHY\DSDQEDQNDFÕOÕNVHNW|U 0 G UO ÷ E Q\HVLQGH\HUDODQYH  

P PN QG U g]HOOLNOH J YHQH GD\DOÕ LúOHY \DSDQ EDQNDFÕOÕN VHNW|U 0 G UO ÷ E Q\HVLQGH \HU DODQ YH oD...